XRP outlook for the next four months
Diupdate
All projects take time and require patience, but with limited visible progress in recent years for XRP both the short and medium term outlook is bearish. Long term prospects for XRP depend entirely if you are a believer or not, so if you are a believer the long term future is naturally extremely bullish.
However, since XRP has made only lower highs for two years now, it is logical to say that if you intend to be a long term HODLer, waiting until confirmation of a higher high will likely leave you with far bigger bags should the moon occur.
Technical Analysis
Fundamental Analysis
The next four months
XRP will attempt to hold $0.14, but if it falls through (as it did during the flash crash a month back), expect it to grind down to support at $0.06 - a more than 66% discount on today's price and 90% off 18 months ago. However support will then become resistance and XRP will naturally find it hard to get back up past $0.14.
Conclusion
Ultimately partnerships are not currently translating into sustained growth of network traffic, but IF Ripple can eventually drum up big demand for ODL, the potential for XRP is huge on a long term scale. Until then the trend is your friend.
Save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion. Add the essential EMA/SMA indicator to your chart too.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
However, since XRP has made only lower highs for two years now, it is logical to say that if you intend to be a long term HODLer, waiting until confirmation of a higher high will likely leave you with far bigger bags should the moon occur.
Technical Analysis
- From a purely TA perspective, the weekly chart now has a hat trick of death crosses, with the 200MA crossing above the 100MA, those above the 50MA, and all of them above the 21EMA.
- XRP has been moving mostly within a downward channel for the past 21 months.
- For the past 7 months the 50 Moving Average has been giving extreme resistance
- For the past 2 years a long term resistance line has been present.
Rather pleasingly the downward channel, 50MA, and resistance line are now fully aligned... no-one can disagree that XRP is fundamentally a bearish chart.
Fundamental Analysis
- Ripple has revealed they pay clients (such as Moneygram) to use its products, which is understandable if you want to drive adoption, but also disappointing because you would rather hope if Ripple's products were so revolutionary they would sell themselves.
- Co-founder Jed McCaleb still has some 4.7 billion XRP (having already sold over 1 billion), which he is allowed to sell to a strict schedule of between 750 million and 2 billion per year. Owning some 5% of all XRP in existence and apparently keen to cash out (McCaleb sold 54 million XRP between 1-30th April 2020 alone), even if he isn't pushing the price down, he certainly isn't helping push it up.
- Ripple still has 49.4 billion XRP in escrow, with batches scheduled for release right up to summer 2024.
The next four months
XRP will attempt to hold $0.14, but if it falls through (as it did during the flash crash a month back), expect it to grind down to support at $0.06 - a more than 66% discount on today's price and 90% off 18 months ago. However support will then become resistance and XRP will naturally find it hard to get back up past $0.14.
Conclusion
Ultimately partnerships are not currently translating into sustained growth of network traffic, but IF Ripple can eventually drum up big demand for ODL, the potential for XRP is huge on a long term scale. Until then the trend is your friend.
Save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion. Add the essential EMA/SMA indicator to your chart too.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
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