Ripple Showing Signs of a Historical Trend: Is History Repeating Itself?
Ripple’s XRP has experienced several surges and dips since it entered the market, but that’s expected for any digital currency in the crypto world. But there’s one interesting thing to note about it. Even with the dips and spikes, the Ripple’s XRP chart shows a progressive form.
History Repeating Itself?
If you take a keen look at the XRP market chart, one thing you will notice is that the coin is making the same route it did earlier in the year. In April 2018 the coin went as high as $0.9327. Anyone who’s been keen about the prices of XRP will agree that it’s building a technical pattern that resembles that of April.
Now, let’s go to Mid-May this year. The coin dropped to test the Low Moving Average, resetting the RSI but later breaking through it in order to see the surge witnessed in April. The XRP/BTC pattern we are seeing now is very much alike the one experienced that time.
On September 18th, Ripple started an incredible pump and kept surging until hitting a high of 0.78. However, it wasn’t able to break that price point, and instead started experiencing a downward move again.
Ripple’s XRP tanked, losing nearly 50% of the gains it had made in the precious couple of days. Since then, its price appears to have established a support on the 50 moving average. Many analysts believe that it could follow this trend a bit longer, before cooling down and finally garnering support to follow the same route as it did in April.
Judging from the price patterns of Ripple, it’s probably safe to state that now is a good time for investors to buy the coin, while the prices are still low.
The Launch Of Ripple’s xRapid Is Expected Next Month
xRapid, Ripple’s new innovative payment system, is expected to launch next month. It’s believed that the payment system will help businesses and financial institutions transact seamlessly, without friction. Ripple’s head of regulatory relations for Pacific and Middle East, Sarbhai, confirmed this, saying in an interview that:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,”
Many cryptocurrency investors believe that the recent surge was because of the announcement that xRapid would finally go live in October. This is not further from the truth. It’s anticipated that the prices of XRP will probably hit new highs once the product goes live.