TheFoil

Is XRP back on track ?

BITSTAMP:XRPUSD   Ripple / Dollar
Recently XRP announced on his tweet "3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018. Even more in the pipeline." And discussed more deeply about the agreement with Moneygram.
Those events happened during the great fall from all time high to -50% in a couple of days. (Matching 1.59 barrier) This Since then, the price has recover a little, which can be logic according to the recent price of ETH / BTC             that force a very high fee for transaction for those coins who is clearly one of the big difference for XRP. (talking about 0.0004$ for Ripple on 22 December against 0.96$ for ETH and 28.23$ for BTC             and now that gap is even bigger as ETH a surpassed BTC             in terms of fees for rapid payment).
I would like to add that this had drawn the attention of the media. According to Forbes / Bloomber / NYTimes /FT and many others, they see XRP as a threat for BTC             as the leader of crypto. One could agree with that or not...

News apart, this match a clear Elliott Wave trend. The rebound might announce a new rising wave. However, I did not drawn it but the pattern failed to represent a Head / Shoulder pattern. Also pay attention to the current low volumes. Hodl is the key during those trouble times and volume will expend a the first sign of clarification.

In conclusion, I would say that this rebound is due to good news and may not last in the long term as the global market need to fix the major uncertainties (South Korea, Taxes, Legal, Overwhelmed exchange, etc.)

Analysis done by The Foil
13.01.2018 16:25 CET

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