Describing the long-term technical picture of XRP, we can say that after the cryptocurrency groped for a local “bottom” of about $ 0.278, it formed a rather wide side panel near the resistance level of $ 0.454, says Dmitry Gurkovsky, RoboForex lead analyst.
You need to consider the channel of the current upward trend on the 4 hour chart. Quotes are testing the support line. Further, we can expect a growth impetus for the breakdown of resistance at the mark of $ 0.454 and the line of growth channel reaching the level of $ 0.524. The hypothesis of a further rise is supported by the upward dynamics of the MACD indicator.
Looking at the 1 hour XRP timeframe, we see that declining significant maxima form a descending corridor. Stochastic is directed downwards in this case, which may indicate the possibility of overcoming the line of support for the current channel. Breakdown of support will allow quotes to fall to the level of $ 0.346 and later – to the lower boundary of the main corridor at the level of $ 0.346.
Coin Metrics researchers analyzed the Ripple quarterly reports and found discrepancies with the blockchain data. Simply put, the distribution of altcoins is not the way it was said in the development team.
According to Coin Metrics, the volume of XRPs released is actually 200 million more than official figures indicate. All this costs $ 84 million over what is officially traded in the market.
In addition, observers found that the distribution of funds on a monthly basis occurs in such a way that the accumulated balance is not less than $ 1 billion. This is reasonable, but can lead to even faster release of tokens. A graph based on these observations demonstrates that this acceleration will last 21 years.
What does all of this mean? That there will be more and more tokens on the market (and they will be distributed more and more closely), and in such conditions the price for them can not grow in accordance with stock exchange conditions.
Forecasts of financial markets are the private opinion of their authors. Current analysis is not a guide to trading. RoboForex and ihodl are not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.