Ripple (XRP) Reaches End Of The Line, Price Has To Break Out Now
Ripple (XRP) has reached end of the line and the price must break to either the upside or the downside in the days ahead. This means that we will see XRP/USD break out of a seven months long symmetrical triangle that has not been broken once. The daily chart for XRP/USD shows that the price is trading below the 50 day moving average but the 50 Day MA and the 200 Day MA are very close and if the price succeeds in breaking to the upside, it might trigger the golden cross. However, the converse is also true and that is if BTC/USD breaks below the triangle, it could trigger a death cross as the 200 day moving average crosses below the 50 day moving average.
Ripple (XRP) is this in a very interesting situation which would either make it or break it short term. The current outlook of the market suggests that this breakout in XRP/USD will most likely be to the downside. If Ripple (XRP) breaks to the downside, it could fall hard starting as early as next week and we could see the sell-off extend to very low levels. The daily trading volume for XRP/USD shows that the next big move will be hard to chase. So, investors would be better off to pick a side now or wait for the next move before getting back in the game. If the market succeeds in breaking to the upside even to trigger the golden cross it would be temporary.
The daily chart for XRP/BTC shows more clearly what is likely to happen if Ripple (XRP) fails to gather bullish momentum in the days ahead. The 50 day MA and 200 day MA have come even closer on the daily chart for XRP/BTC which could trigger a death cross a lot easier as the price is already trading just above the 200 day moving average. One strong break below the symmetrical triangle would trigger a massive panic sell that would see Ripple (XRP) decline significantly in the months ahead. Traders looking to enter short positions might be better off waiting to see the price break before shorting it. Ripple (XRP) has been known for its independent moves in the past and there is a good chance that it might do something like that again before the inevitable correction to the downside.
If Ripple (XRP) falls down with the rest of the market as we expect it too, it risks wiping out its entire gains made throughout 2017-18. This would deal a big blow to Ripple (XRP)’s reputation and its feasibility as an investment. Most cryptocurrency investors who invest in Ripple (XRP) are not big fans of Bitcoin (BTC). In fact, they see Bitcoin (BTC) as an old outdated technology whereas Ripple (XRP) is the more robust and practical cryptocurrency. That might be true to some extent for now which is why Ripple (XRP) investors have been able to make independent moves in the past. However, if Ripple (XRP) crashes this time, it is going to crash hard and the bullish sentiment would be terribly hurt which means it will be a very long time before the bulls come back to the market.