Since the first week of January, Ripples XRP has risen against the USD by about 50 percent. Although the number appears high, the increase in comparison to top-of-crypto-currencies like Ethereum and EOS relatively weak.
In the same period, Ethereum could grow by more than 100 percent against the USD, while EOS has managed to well over 60 percent.
Why are you fighting the darling of the Altseason?
In the course of the year 2019 Ripple has completed several high-profile Deals, in order to push the XRP Ecosystem.
The Deal of the company with Moneygram, for example, has increased the use of XRP in the case of cross-border credit Transfers in Mexico. According to reports, Ripple has worked in a single week, Transfers of more than $ 50 million in Mexico.
The giant captured a large share of the Mexican remittance market, and in November 2019 MoneyGram want to have ten percent of the Remittances in the country over Ripple are effected.
MoneyGram CEO Alex Holmes said at the time:
“What I love about ODL is that we are in this technology, completely at the top … We are in the position to pay back billions of dollars in seconds. The magic really comes from the coupling of MoneyGram transactions with Ripples ODL.“
Since then, Ripple is working to strengthen the XRP Ecosystem more, the company has secured even a round of financing of $ 200 million, to his longtime Partner SBI Holdings was involved.
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The price of XRP, however, shows that the organization of the spark seems to be missing, it once had. In contrast to Ethereum and several other major crypto-currencies, XRP was rejected at a key resistance level, in which case it is exposed to a steep correction.
As Bitcoin is on a Break – or Make-level, could experience Ripples XRP despite a decline of 92 percent from its all-time high-a bear market.
The renowned Trader Peter Brandt has indicated that XRP technically, a potential head and shoulder pattern which could decline since the beginning of January, established upward trend.
Brandt writes:
“It will be interesting to see if this H&S top will prevail. If Yes, that would be the goal .2071.“
In previous bull Ripples XRP was able to exceed cycles of many large and small crypto-currencies in the global market.
The lackluster trend in price of XRP in the past two months in comparison to the Top crypto-Assets indicates that the Token requires a much stronger Momentum than other crypto-currencies, the most important resistance values to break through.
In the fourth quarter of 2019 sold Ripple the least amount of XRP in recent history and put the market under less pressure.
In view of the anticipated trades, and the lesser XRP sale on the market of the crypto currency should have experience in theory, a larger rally than in previous bull cycles.
A possible reason for the battle of XRP in the last few months is that the sell-off could have been during the entire year 2019 to intensive, in order to recover in a single bull cycle.
There may be multiple outbreak attempts are required before a clean breakout from strong resistance levels is possible (as 0,295 $, 0,329 $ and 0,83 $).
XRP, currently ranked 3rd in terms of market capitalization, is in the last 24 hours to 2,39% increase. XRP has a market capitalization of 12,28 billion $ in the case of a 24-hours-a volume of 2.33 billion $.