Ripple (XRP) which is the third largest coin by market cap is up almost 5% at the time of writing. This growth has bot a loterijlot more exuberant ter the past few days when Ripple received a big boost te anticipation of a market recovery. However, the excitement fizzled out when Bitcoin (BTC) proved to be indecisive merienda again. Latest price movements hint a retracement to test the previously breached downtrend line again. If Bitcoin (BTC) holds that line spil support, it will confirm a trend reversal and wij can expect a recovery from them for most coins. Spil for now, Ripple (XRP) could proceed to trade within the bounds of the falling wedge, signaling a fall to test the yellow support line.
This is not the very first time Ripple (XRP) has bot a victim of hindered gains thanks to indecisive Bitcoin (BTC) price movements. However, the fact remains that Bitcoin leads the demonstrate ter crypto markets and almost all coins go after its lead. This is because most cryptocurrencies are paired to Bitcoin on large exchanges. So, if the price of Bitcoin goes down, the price of other coins like Ripple (XRP) goes down.
Sometimes the price of other coins fall more spil compared to Bitcoin (BTC) spil the coins have to be converted to Bitcoin before they can be traded for fiat currencies or USDT (Tether). Ripple has performed well against Bitcoin recently and has escaped the falling wedge which confirms a bullish setup. However, Ripple (XRP) is still at the grace of Bitcoin (BTC) to achieve those gains. The storm seems to be overheen and prices are attempting to lodge. Bears have certainly decreased te number and their voices have muffled for now but serious bullish movements are yet to be seen.
The latest few days have confirmed enlargening rente te Ripple amidst positive news from Ripple Team. The company is permanently urging regulators to crackdown on fraudulent projects and proposes regulation for the good of the entire crypto community. Ripple is also increasingly promoting the Interledger Protocol and has attempted to win overheen some significant playmates like Apple to assist with their Apple Pay service. This is nothing surprising from Ripple when you consider that they have one of the most aggressive and competent teams te the crypto community. Te a span of less than a year, they have secured partnerships with industry giants like Apple, American Express, Canap of America, Santander Bankgebouw, Película del Oeste Union, Moneygram, LianLian and the list goes on and on. On ground, everything looks flawless for Ripple but the charts point to a brief term retracement.
The 1H chart shows a triple top pattern which indicates the price could fall and proceed to consolidate for fairly some time before it cracks the resistance and resumes upwards rally. However, long term Ripple seems to have a very bright future especially te light of latest developments. It is also one of those coins that have the potential to yield the best comeback on investment ter 2018.