History Keeps Repeating Itself as XRP Makes Double Bottom But “Real Party” to Begin Soon
- XRP makes a double top, the only way from here is up
- XRP is a no brainer, once the downtrend breaks the real FOMO will begin and surge
- Ripple opening its office in Brazil to expand in Latin America
The third largest cryptocurrency, for now, has failed to make much of a move as it is still stuck around $0.40 level. At the time of writing, XRP/USD has been trading at $0.403 with 24 hours gains of 0.31 percent.
Recently, crypto trader and analyst, DonAlt shared how the entire year any squeeze into full retrace has resulted in a significant downwards move for XRP. However, the difference this time has been of the potential small time frame of higher lows.
XRP Forming A Double Bottom
He has been wondering if this time will be different but turned out that it wasn’t as the cryptocurrency went down to $0.38.
Meanwhile, crypto analysts, Galaxy says, XRP has formed a double bottom and from here any move is only up for the cryptocurrency.
Similar sentiments are shared by analyst The Cryptomist who says in the long term, XRP is a no brainer as once the downtrend breaks, the real FOMO will begin and from there a new high would be coming.
“Projecting a good latter June/ Early July. Pennant formed and I have loaded up my bag.
Pennant break leads to downtrend resistance of 48 cents. When this downtrend breaks, that is when the real party/fomo begins. Long term, this is a no brainer.”
Ripple Labs Launches Office in Brazil
The price of XRP is capped by default behind which could be the reason that it is a tool that is used by xRapid. To be used for cross border transactions, bank and financial institutions will opt for the cryptocurrency if it is affordable and maintains stability.
In another event, Ripple has launched a Brazillian office with an aim to expand across Latin America. Per the reports, the official announcement of the new office that will be reportedly led by Luiz Antonio Sacco, the former CEO of Brazilian subsidiary of The Warranty Group will be made at the CIAB Febraban.
Sacco joined Ripple in March 2019 who stated that the company intends to bring more clients into the fold of it’s payment network RippleNet, targeting Brazil and rest of the South America continent. RippleNet has already crossed 200 global customers in 2019.
Recently, Ripple revealed its plans to have a higher degree of accuracy in reporting XRP volumes and sales, following the Bitwise report that claims 95 percent of the Bitcoin trading volume is fake.