Ripple’s XRP is the world’s third largest currency by market capitalization, so it’s only behind Ethereum and Bitcoin. It’s the cryptocurrency that turned out to be the market’s best performer during 2017 and also during 2018. This means that the project’s fundamentals are so substantial that XRP is a coin for all seasons. It performs well when market conditions are excellent for every token, and it also performs well when the same conditions are terribly hostile for all players.
During the current year, we’ve seen the cryptocurrency market turning green since April after 18 lousy months. Given the coin’s history, we would expect XRP to perform better than the rest of the market. But it hasn’t. As a matter of fact, it’s been underwhelming, to say the least. But that could change in the next few weeks.
Some market observers think that XRP holders are in for a nice bullish run and high returns on investment because the technical indicators look very bullish and they could help their favorite international payments token very successful soon.
XRP trades at USD 0.444123 as we write this and the first resistance level (monthly) looks very far away at USD 0,051330. So R1 is hard to surpass, but it also provides a lot of room for growth.
Just today we saw the market reacting favorably to XRP after Ripple, the company, announced that MoneyGram will be adopting the technology and the coin to settle international payments.
Ripple and MoneyGram are not just strategic partners now. Ripple bought 10% of MoneyGram’s stocks. The market followed by rising in price for an impressive 150%.
It was all hype, of course, and it wasn’t even within crypto. So it went away, and we’re expecting XRP to go a bit down, which would be normal behavior after a boost. But a new surge is just around the corner.
A breakout is coming. It will take the form of a golden cross (a chart pattern that investors like). Once XRP shows the trend, nothing will stop it, at least for a while. It could reach the USD 3,30 historical high it had in the past, thus testing every data we’ve ever had about XRP.
So what else could a affect a surge on XRP? Bitcoin, of course. When Bitcoin does well, everybody does well too. So it Bitcoin finds a way to surge soon, XRP will most likely follow.
It’s an excellent time to keep an eye on Ripple. It’s been underperforming so far, but there’s every chance that it will turn out to be one of the market’s best performers. It may not happen very quickly, but we’ll see it arrive.
Also, let’s not forget that Ripple is a very stable company with a blockchain project whose fundamentals are also very robust. It’s a project that announces at least a new strategic partnership every week.
So the MoneyGram thing is good because it’s such a giant within the industry, but it’s common for Ripple to announce new partners. Some of them are not as important as MoneyGram, but all of them are important in the industry, and every announcement could trigger the next bullish run.
Ripple’s XRP is on the cusp of something, and it’s about to explode. It’s up to you to be part of it or just letting it pass by.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.