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Ripple/XRP: Price indicates an imminent breakout

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Ripple/XRP: Price indicates an imminent breakout
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The current price of XRP at the time of writing was at $0.2970, with a market cap of $12 billion.

The one-hour chart for XRP shows a narrowing of the trend lines which has caused the volatility in the price to seep out.

As the hourly candles keep spawning they are getting bounced off of the trendlines indicating a consolidation of the prices.

Moreover, the prices have broken major short-term support at $0.29668 on February 6, 2019. However, the breach in the support was temporary, as the prices are fighting to get back up and the broken support is now acting as a resistance holding the prices below it.



The breakout from this bear flag/pennant-like formation is imminent and the breakout can happen either to the top or to the bottom.

However, it can be speculated that the prices breaking out to the top is a more probable outcome since the bears have already drained out in the energy in bringing the prices as low of $0.29, but then again, it is not the only outcome.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17

Akash Anand

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XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17
Source: Pixabay

The cryptocurrency market’s volatile behavior was reflected in the ‘buy-in and sell’ sentiments. Despite the bear market taking over again, analysis of the market shows that there are some silver linings. XRP, the third largest cryptocurrency in the market, has not had a fantastic start to 2019 and this was even shown during the recent bullish spike.

XRP was one of the worst performers among the top 10 club at a time when some of the other currencies saw double-digit gains and Bitcoin [BTC] broke the $5000 barrier. New analysis, though, points to the fact that there has been a significant rise in XRPUSD longs on Bitfinex, some even registering record gains. Reports from BehindtheLedger stated that:



“Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs (or vice versa if you prefer) rather than just the longs though. Doing so reveals that shorts have increased more than longs in the past few days.”

At a time when the XRP shorts are on a high, the USD shorts were up by a massive 85 percent on April 17. The analysis from behindtheledger also admitted:

“This isn’t a price prediction and frankly, this indicator probably isn’t reliable

But it’s always good to look at both sides of the equation.”

XRP’s trade has been majorly influenced by developments in its realm with the last major claim coming from Coincheck as the organization provided over-the-counter trading support for Ethereum and XRP on its platform. The exchange had announced:

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”





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