Ripple has Broken Support!
Updated
Unfortunately, Ripple has broken it's support at the ascending trendline on the daily chart. It will either retest that trendline and try to pull above it, or continue with it's downward motion.
Right now, crypto in general is in a downward trend. What this means for Ripple is that it will most likely move to the next support level which is around 0.55 - 0.56.
However, if it should break that level, then we predict 0.40 is something that may be possible by Summer 2018.
0.4 would be an optimal level to buy.
Likewise, Bitcoin and Ethereum have broken their supports in the past few days and moved downward as well. While we don't think that Bitcoin will remain King forever, it is for now. And that means that its movements do have a large effect on the general outlook of the market.
Furthermore, it's possible that Ripple will have to return to a lower level like 0.40. The reason being is that, while Ripple (the company) has worked out several dozen contracts, business deals, etc., and while many banks and financial institutions have been testing Ripple, none of them are actually willing to use it yet.
In order to use Ripple's services like xRapid and xCurrent, a financial institution must purchase XRP. Pricing for financial institutions is undoubtedly lower than market price (check Ripple's website, you can register to purchase if you are a financial institution) because Ripple wants to encourage the use of their technology... And yet, it's probably still based off of the market price to some extent. Maybe it's a 10% discount or 20%, or whatever. The point is that it's possible that none of these institutions will officially use Ripple's technology (and therefore purchase tons of XRP) until the price is lower.
After all, buying a billion Rippl
Right now, crypto in general is in a downward trend. What this means for Ripple is that it will most likely move to the next support level which is around 0.55 - 0.56.
However, if it should break that level, then we predict 0.40 is something that may be possible by Summer 2018.
0.4 would be an optimal level to buy.
Likewise, Bitcoin and Ethereum have broken their supports in the past few days and moved downward as well. While we don't think that Bitcoin will remain King forever, it is for now. And that means that its movements do have a large effect on the general outlook of the market.
Furthermore, it's possible that Ripple will have to return to a lower level like 0.40. The reason being is that, while Ripple (the company) has worked out several dozen contracts, business deals, etc., and while many banks and financial institutions have been testing Ripple, none of them are actually willing to use it yet.
In order to use Ripple's services like xRapid and xCurrent, a financial institution must purchase XRP. Pricing for financial institutions is undoubtedly lower than market price (check Ripple's website, you can register to purchase if you are a financial institution) because Ripple wants to encourage the use of their technology... And yet, it's probably still based off of the market price to some extent. Maybe it's a 10% discount or 20%, or whatever. The point is that it's possible that none of these institutions will officially use Ripple's technology (and therefore purchase tons of XRP) until the price is lower.
After all, buying a billion Rippl
Note
For some reason my post got cut off.After all, buying a billion Ripple is a lot cheaper at 0.40 than it is at 1.0.
Do your due diligence before trading.
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