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Ripple Price Forecast, Making Money Moves!

Author: Martin Moni
Martin Moni
All publications of the author

Now at number three, Ripple is definitely one investors should consider investing in. Although it too suffered the slump alongside all altcoins, the losses by XRP were significant. After reaching about $3.3 earlier this year, its value dropped until it found support around $0.46. This 86% loss has definitely created some apprehension among investors, but it also presents an excellent buying opportunity at a cheaper price. If you’re thinking about a coin that has got lots of potential and support, this is why you should look at XRP. (Here is: How to draw S/R levels like a pro)

Technical analysis of XRP charts

The crypto charts are extremely favourable for XRP as several indicators indicate strong bullish momentum. Both the 50 and 130-period moving averages are trending upwards, with the 50-period MA being above the 130-period MA. This is a sign of an uptrend created by the formation of higher highs and higher lows. The Fibonacci retracement has also been broken at the 78.6% level by the candlesticks, even though it was a tough resistance level. Prior to this breakout, there had been a triangle pattern formed that indicated competition between the bulls and bears. (All about: Using the Fibonacci retracement)

There’s one more barrier to be broken, though, and that is the resistance level at $0.94. This level has historically been a strong pivot point, and XRP will require quite a big push from the bulls to break through it. Some of that buying pressure can be observed on the CoinMarketCap website by the increasing trade volume. With the recent spike in coin value across the board, we can be sure that a lot of that trade volume is directed toward long positions. However, the fundamentals are what will determine whether there will be enough of a push. (Let’s try: Comparing fundamental and technical analysis)

What the fundamentals have to say about XRP

The first breakout from a resistance level happened around the $0.72 region. Some of the buying pressure came from the US following the deadline for posting tax returns in the US on the 17th of April. Before the deadline, the IRS had posted a reminder to investors to report their crypto holdings for taxation as capital gains. Obviously, for investors, this was a bit worrisome but once the deadline lapsed, the buying resumed. There have been talks between XRP and Coinbase to have the coin listed on the exchange, and these seem to be going well. One of XRP’s marketers, Cory Johnson, confirmed that the talks were indeed underway, but didn’t express when the coin would be added. Once this goes through, there will be much more demand for XRP from the US. (Different: Cryptocurrency Regulations Around the World)

Despite this, experts believe that XRP will be propelled more from the east than the west. XRP has already partnered with a number of Japanese banks to handle internal payments. Furthermore, the intention to improve cross-border payments is already working since they have partnered with various payment providers. Some of these include Western Union and MoneyGram. XRP is very well suited to this purpose because it offers much faster processing speeds compared to Bitcoin and several other altcoins. (These are some: Alternative Coins Beside Bitcoin To Invest In)

Possible forecasts for Ripple in 2018

Given all the potential that XRP has to offer, many experts are predicting that Ripple will get to $1 soon. One major prediction came from SBI Holding’s CEO Yashitaka Kitao who predicted that XRP could reach $10 by the end of 2018. Since this comes from one of Ripple’s partners, this is a much more believable figure than those from other enthusiasts coming up with ridiculous figures. The most realistic expectation is that XRP should get to at least $3.3, its previous all-time high. That alone would be about a 250% return, with the hope of further gains in months and years to come. (Ever wondered: What Is The Future Of Crypto In Global Finance?)

 

Are you still undecided or wary of another slump, then watch this short video describing why XRP is a new kind of coin:

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Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.
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