The diamond pattern that we have seen form on XRP/USD the past few months is about to come to fruition. Ripple started to form this pattern around July, 2018 but it was only around November, 2018 that we had a clear idea as to what Ripple was up to. The weekly chart for XRP/USD shows that the price is expected to make a decisive move before 18th February, 2019. We believe that this next big move will occur around the Chinese New Year. This move is likely to coincide with other world events around the same time. Weekly trading volume has dried up which means it would not take much to swing the price either way.
For the past seven weeks, Ripple has been consistently struggling to break past the 21 Week EMA but so far it has not succeeded. RSI for XRP/USD is close to oversold territory which means there is plenty of room for a big move to the upside that should see Ripple break out of the diamond formation. This year is expected to be big for distributed ledger platforms and cross border payments solutions. Ripple and Stellar are expected to remain at the center stage as large banks and financial institutions begin adopting these technologies to improve their services. The number of small financial companies already using such technologies is already on the rise but soon as large financial institutions get into the game, we could see mainstream adoption kick in, not just for Ripple but for other cryptocurrencies as well.
For the past seven weeks, Ripple has been consistently struggling to break past the 21 Week EMA but so far it has not succeeded. RSI for XRP/USD is close to oversold territory which means there is plenty of room for a big move to the upside that should see Ripple break out of the diamond formation. This year is expected to be big for distributed ledger platforms and cross border payments solutions. Ripple and Stellar are expected to remain at the center stage as large banks and financial institutions begin adopting these technologies to improve their services. The number of small financial companies already using such technologies is already on the rise but soon as large financial institutions get into the game, we could see mainstream adoption kick in, not just for Ripple but for other cryptocurrencies as well.