It has been a challenging thing for Ripple (XRP) to go past its 45, 860 Satoshi it recorded earlier this month. Unless its price continues to rise above the 21 EMA in days to come, Ripple (XRP) would have to seek a strong support. However, there are hopes of a swing above the 21 EMA price in days to come based on wave trends.
The 21 EMA remains the benchmark for Ripple (XRP) if it hopes to surpass Bitcoin (BTC) and get out of the territorial range bound. Nevertheless, should XRP price continues to stand below this benchmark for the next one week, it might come down further. From 45, 860 that it is currently, XRP can go as low as 41, 547 if things do not change.
If this happens, XRP would have to look for support, a strong one at that. That aside, it would be forced to complete its BTC correction if only for the main time. An RSI chart for XRP/BTC has revealed that XRP may not be out of the current range bounds earlier than next week. Nonetheless, analysis of wave trend gives some glimpses of hope. It predicts a possible breakout of the 21 EMA range bound for Ripples (XRP) and a looming prospect.
Investors and Long-Term Predictions
A lot of investors seem comfortable only with a short-term frame or prospect. When an analysis shows that investment may take a while to yield, it looks ridiculous to many. Granted, past performances do not always guarantee future or present success. However, it does not seem that long-term predictions or trends would end soon. And unlike the short term frames, long-term ones are more difficult to manipulate.
The XRP/USD above among other things indicate that XRP price has only finished a pattern similar to Gartley bullish. It equally shows that beginning in August, XRP has been able to get support above the trend line.
Notwithstanding, the RSI version of the chart shows a wedge that is falling deep. This fall, according to the chart, began as far back as 2017. As such, influencing the outcome now may be next to impossible. Yes, it is possible that RSI initially breaks beneath the wedge, but with time, it is estimated to rise again.
Anything short of the above prediction would amount to rubbishing technical analysis of years back, in fact for XRP also. Understandably, many crypto community members may want to sit back and watch how the trend goes after the predicted break out. But then, macro trends such as the one given here help with insights on what to expect in the short time.
As such, while studying what happens to the price on a daily or 4H frame, it is also good to keep the broad picture in mind.