XRP, the fourth-ranked cryptocurrency in the space, has been among the industry’s worst performers. Yet investors in the asset still hold out hope for a repeat of the massive pumps Ripple is known for.
Key indicators reveal that the asset has reached a pivotal moment where a decision must be made. It’s now or never for XRP, but how will the altcoin respond?Is Ripple Finally Ready For Redemption?
Few cryptocurrencies are as polarizing as XRP. Crypto investors either love the asset, or love to hate it. It’s the butt of many jokes, the worst performing altcoin the last couple years running, and has been compared to sheep manure.
Ripple execs notoriously sell down rallies, which has helped keep the altcoin locked in a downtrend for nearly three full years. It even lost its third-rank by market cap to a stablecoin in recent weeks.
Related Reading | Three Signs That XRP Has Finally Found It’s Bear Market Bottom
But downtrend resistance has been broken through on both USD and BTC trading pairs, yet XRP has barely reacted. Looking more closely at the long-term price charts of the asset reveals that indicators are primed for a major move. After a breakout of downtrend resistance, bullish chart formations, and indicators are backing up a potential explosion – how will Ripple react in the days ahead?XRP Reaches Now Or Never Movement, According to Three Key Indicators
There’s no denying that XRP has come to a now or never moment. The conclusion of tight consolidation is due, technical analysis indicators are suggesting.
Coinciding with powerful signals from a variety of popular trading tools is a breakout from downtrend resistance. The downtrend resistance acts as the top trend line, to a massive, multi-year falling wedge pattern.
The is a cookie-cutter fractal of the previous cycle, only larger by comparison. And due to the pattern’s larger size, the resulting breakout could be that much more significant.
Ripple MACD Weekly | Source:Pointing to a potential breakout to the upside is the weekly MACD. The last time the MACD turned bullish on the histogram on weekly timeframes, all bets were off for bears.
Related Reading | The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock
XRP rallied over 3,000% in less than 60 days following the change in momentum.
Ripple RSI Weekly | Source:Further backing up the idea of a breakout to the upside, is a massive bullish divergence across the Relative Strength Index. This indicator also matches the same sort of pattern pre-breakout the last time around.
Yet another indicator, the Bollinger Bands shows just one line of defense separating XRP from another incredible surge: the mid-BB. The middle line of the Bollinger Bands is a simple moving average, and each band is a standard deviation of those bands.
Ripple Bollinger Bands Weekly | Source:In the chart above, prior to XRP claiming the middle line, months of the bands “squeezing” can be seen ahead of the powerful explosion. The same thing is happening once again, and the asset is just below the middle-line on the Bitcoin trading pair.
If the asset can reclaim the line, and hold it, it’s the only remaining step before XRP potentially goes on a shocking rally.