Ripple (XRP) has already kicked off the altcoin rally. It does come as a surprise considering the change of sentiment that Ripple (XRP) has magically achieved over the past few weeks. As always, the team behind Ripple (XRP) shows a glimpse of its talent. News of partnerships with more financial institutions has sent the price on a bullish spree these past few days. While some may think it is not sustainable and that the price may fall down if Bitcoin (BTC) trade sideways, we believe that is not the case. Bitcoin (BTC) can be expected to remain sluggish or trade sideways for the entire period this altcoin rally lasts. Cryptocurrencies like Ripple (XRP) have had extensive corrections and have now reached their all time lows against Bitcoin (BTC). Altcoins have long been on the verge of a trend reversal. Ripple (XRP)’s ambitious plans and institutional interest seems to have paved the way for that reversal.
The chart for XRP/USD on the weekly time frame shows that Ripple (XRP) has not only successfully tested the bottom of its ascending channel, but it has also completed the full extent of its correction as far as technical indicators are concerned. RSI for XRP/USD has been trading in a falling wedge. After around 12 months of trading in a falling wedge, the RSI has now broken to the upside and has begun a new trend. Similarly, wave trend for the above chart shows that it is just on the verge of a breakout. It has been trading in a similar falling wedge since October of 2017. It seems that it will most likely begin a new trend before October, 2018.
Read Further: cryptodaily.co.uk/20...f-the-altcoin-rally/
The chart for XRP/USD on the weekly time frame shows that Ripple (XRP) has not only successfully tested the bottom of its ascending channel, but it has also completed the full extent of its correction as far as technical indicators are concerned. RSI for XRP/USD has been trading in a falling wedge. After around 12 months of trading in a falling wedge, the RSI has now broken to the upside and has begun a new trend. Similarly, wave trend for the above chart shows that it is just on the verge of a breakout. It has been trading in a similar falling wedge since October of 2017. It seems that it will most likely begin a new trend before October, 2018.
Read Further: cryptodaily.co.uk/20...f-the-altcoin-rally/