Bitcoin’s recent growth only seems to favour those who have had major holdings of the cryptocurrency or those with a huge capital base, such as the crazy rush of institutional investors that have been buying into it.
These are corporations that actually have the buying power in the market, and thus their influx has prompted the coin to surge massively. However, what this means for small scale investors is that they get phased out of the market. The more Bitcoin rises as a result of the huge buys made by institutional investors, the less affordable it becomes for the other small scale institutional and individual investors. That means that the Bitcoin market is shrinking to accommodate the few who can afford it.
However, this is not much of a problem as this is where all coins seem to thrive. Many Bitcoin fanatics will consider tagging old coins as a class of cryptos that merely enjoy the crumbs that fall off of Bitcoins majestic table, while most of them might have started as look-alikes of the almighty Bitcoin, most gold coins have gradually found their feet and rose to the occasion and challenging Bitcoin while vying for investor interest.
If this is your first time here, please don’t forget to give us a thumbs up and subscribe so you can see more articles like this one. These old coins tend to attract very little interest from institutional investors compared to Bitcoin due to the relatively small stature.
But they may attract a large number of small investors when bitcoin surges. Altcoins such as XRP tend to enjoy more attention as well. The alternative options offered by altcoins make people not miss too much about Bitcoin.
Altcoins have consistently shown that they can go on marauding runs of their own and they can also attract institutional investors who would see potential in their prospects and ultimately buy large amounts of their coin.
It’s only natural for old coins to rally whenever Bitcoin rallies, aside from Bitcoin, single-handedly drawing huge attention to the cryptocurrency industry attention which XRP and other cryptocurrency Stenton enjoy a lot.
The peculiar characteristics make them pretty interesting, and hence they get adopted on different fronts. The lack of institutional investors, particularly those based in the US, is evidence that non-US retail investors are most likely the reason for XRP’S rebound.
If retail investors increasing appetite is driving XRP’S price, it’s hard to tell how high the price will go or whether the price will remain healthy in the long term. The weekly gain was bolstered by a spike of around 50 percent last week compared to the opening price of twenty-two cents per token. S&P hit a high of thirty-three cents, meaning its market cap rose slightly higher for the first time since the SEC lawsuit was announced.
Before last week, XRP had lost nearly 60 percent after it fell from 70 cents to about twenty-two cents. Then it was a consistent downward ride. The prospects of XRP seem to have suddenly been given a different spark as the price soared back up to 30 cents.
This was good news for investors who are happy to finally see you getting some action of its own after having its investors put through quite the scare. When the lawsuit was announced, it wasn’t so obvious what the future looked like.
With many holders of XRP looking to bail out on the crypto, the buy and hold principles seem to have been the most preached practice, and investors in XRP have had faith in the crypto for a while.
Hence, you can imagine how they might have felt when the coin’s future as a currency was placed under the scope, people started imagining the worst possible turn of events, and many decided to sell off the crypto to gain more of other cryptocurrencies.
The recent spike is somewhat become the source of renewed hope, though, for holders of the crypto. XRP is trading at thirty cents after getting rejected from the upper boundary of an ascending parallel channel where its price has been contained since late December.
Despite the recent downswing, the cross-border payment token seems to be heading for reverse and break out of this technical pattern, except price dropped almost 15 percent after hitting a roadblock from the ascending channels upward trend line.
The downswing seems to have been anticipated by the TD Sequential Indicator, which flashed the cell signal as XRP approach. The overhead resistance replaced trading between the two hundred Esmay resistance and the one hundred Esmay on the four-hour chart.
The cryptocurrency market has slowed down the drastic upward movements, apart from Bitcoin surge to a new all-time high at forty thousand four hundred and twenty-five dollars. However, some select altcoins continue to tower the crypto horizon with their massive gains.
Ripple almost hit 40 cents after the break out on the 7th of January. On the upside, the two hundred simple moving average limited movement in the meantime is trading at thirty-two cents while buyers fight to control over the price immediately below the current price level, 30 cents is the pivotal level that must be kept intact.
To avoid attracting high overhead pressure, buyers must also keep their eyes on 40 cents because breaking above the critical level would pave the way for gains above 60 cents.
Exposed stays on the front foot while taking the bids near zero points three three six during early Friday. And doing so. The quote stays above the twenty-one DMA for the first time in over three weeks. Amid bullish MACD mid-2020, Low becomes a strong support for buyers to watch.
At first, REPL XRP did not show any sign of actually joining the other alt coins in the rallies when it fell to about forty-three cents and then to thirty-one cents and then twenty-four cents before settling at twenty-two cents.
Now holders of XRP might have something to look forward to as the days progress. This chart shows the potential of Sarpy to break through a new resistance line set at thirty-eight cents as it aims for a possible high of forty-six cents. Ripple is ready to go higher because Price bounced from support zone and probably can reach resistance level soon. The price can break it and go up the resistance zone.
And this chart shows the prospect of Zahidi for this week. The Bulls took control again on triple XRP and pushed up the entire week. Will we have another bullish week for XRP or is it time for a deep retest before the bullish trend resumes? Republics are formed as an objective, valid, symmetrical triangle and red. So let’s see if we get another impulse now. A trigger for the BI’s.
After a momentum Kanal close above the left swing high point thirty-three for extra confirmation. And if the last swing low is broken down with the momentum kanal, then we can expect a retest still around our lower green zone. The triangle is broken, but there’s still not enough trading volume to develop a strong movement in this case.
As you can see, we’ll be looking for new setups to form. This chart supports their analysis by reflecting the trend lines rise to the pink broken lines as it lifts out of the small red rectangular zone and lies on the border to the significantly larger green space that stretches as high as 77 cents.
It is quite detailed in covering the period of debate that preceded it. The pink broken lines represent the resistance, which has been broken and now acts as the support on which the price trend of extra pay is sitting. Now, looking at this chart, we can see that XRP did not have a sustained breakdown of the head and shoulders pattern, while the price did briefly break down below the neckline of that pattern.
It quickly recovered back above it. Since then, excerpts printed this Adam and Eve formation on the chart. You can see the dotted blue resistance level that it will have to surpass for a breakout. If we do see an upside breakout of this pattern, the major resistance level is a point thirty-seven.
From there, there’s more resistance to thirty-eight cents and then thirty-nine cents. The size of this Adam and Eve pattern has a price target above those levels at forty cents. But we will have to observe how price respond to that overhead resistance if we do not see an upside breakout.
This chart shows the price for breaking through the first target price level of 30 cents as it rises above the upward trend line. This has happened during the weekend, a white arrow was drawn to show the potential direction of its rise towards a third target price, which is forty-five cents, which would represent a total of one hundred and twenty percent increase from its closing price of 20 cents in twenty.
If the price consolidates above the upward trend support line, we expect it to go higher than it already is. This last chart reflects the establishment of a downward sloping support line for the Krypto as the trend line proceeds towards the end of the year. The second trend line was established above the price trend line, representing a triangle which gives the price trend line a wedge-like pattern and a closed at the edge of the upward trend line at which it was expected to rise or fall.
If it were to fall, it’s not expected to fall below the lower sloping trend line. That would mean the price of Sarpy would be as low as 11 cents. But if it were to rise, the analysts predicted to price target levels talking one is valued at 30 cents, while targets two is that high. Thirty-eight cents.
Currently, this prediction holds, for example. The question is how soon will the coin hit the second target? Thirty-eight cents. Now, crypto experts are anticipating a continuous increase in the value of the XRP, though it’s expected to test its support levels in a pullback.
We think that would bring its price from its current 31 cents to a probable all-time high this year. We think XRP holders shouldn’t resign just yet. The hopes of the crypto haven’t diminished and it’s only going to get better and better. We hope you found this article informative.
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