Ripple's Flattening Curvy Resistance - An Investment Opportunity
Origins and Concept: Ripple is a peer-to-peer decentralized open source public ledger created to facilitate the electronic transfer of money, whether fiat or crypto. It was initiated in 2012 to reduce money transfer times of 3-5 days to instantaneous and to significantly diminish the estimated $1.6trillion in annual costs associated with global money transfers. There is a finite number of XRP coins in existence, the total number being 100 billion, with all of the XRP coins pre-mined, in other words, released at the time of launch.
Technical Analysis: Before the cryptocurrencies euphoria in 2018, Ripple displayed a strong demand level around 0.20000 USD per coin acting like a huge magnet. From the Analysis below while using a logarithmic chart, a curvy resistance was created with an increasing pressure from sellers, plumbing the coin from its all-time high at 3.30000 to the demand level. At the end of summer 18', there was a release of bearish domination, with the resistance curve flattening followed by a side-ways market. The coin was pushed back to the support zone before soaring more than 10% today, eventually seeking for new highs.
Views: Ripple presents an excellent investment opportunity, with a potential of ranging around 1.00000 USD per coin by the end of 2020. The recent upward move will firstly drive prices to 0.45000 - 0.50000 USD per coin with an increasing risk of strong pullback.
Technical Analysis: Before the cryptocurrencies euphoria in 2018, Ripple displayed a strong demand level around 0.20000 USD per coin acting like a huge magnet. From the Analysis below while using a logarithmic chart, a curvy resistance was created with an increasing pressure from sellers, plumbing the coin from its all-time high at 3.30000 to the demand level. At the end of summer 18', there was a release of bearish domination, with the resistance curve flattening followed by a side-ways market. The coin was pushed back to the support zone before soaring more than 10% today, eventually seeking for new highs.
Views: Ripple presents an excellent investment opportunity, with a potential of ranging around 1.00000 USD per coin by the end of 2020. The recent upward move will firstly drive prices to 0.45000 - 0.50000 USD per coin with an increasing risk of strong pullback.
