XRP Recovery is now in progress – it bounced nicely of the 36 period EMA on the 4 Hour chart. It has closed the gap in price created over the weekend when it began its massive rally.
As you can see it’s tried earlier this morning to break up and now is gradually rising. As a lot of ripple is stuck in exchanges that stopped transfers to other currencies there is nothing it can do except continue as traders see the move.
I’m hoping that XRP will continue to recover in a more stable fashion and achieve at least halfway of its massive rally in the last few weeks. It would be very nice if we did head up to the heady heights of 2018’s $3 a coin. But that depends a lot on what happens in the market place.
Was this forced rally helpful to the market? I’m not sure. I think it might have made a fast buck for some but the win will be in the longer game, as it was with Bitcoin. Just imagine Bitcoin hitting $100,000 by the of the year.
What’s the use of (Ripple) XRP?
One of the reasons I’m interested in Ripple is that it does have quite a few companies using it’s ODL Technologies. Provided it retains and gets new support for this, the currency and it’s backing company will carry on increasing.
Power to the people? Yes, in the long term, but short term fake rallies. Not so helpful. Good luck XRP Recovery.
Charts courtesy of www.strobotultimate.com.
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