XRP Price Prediction and Technical Analysis For May 16th
xrp global market cap
These are good times to be an active cryptocurrency trader. Even with the barest of knowledge, anyone can get a feel for how the markets are currently evolving and where things may head next. The recent XRP price momentum certainly took people by surprise, although the excitement might not necessarily be over just yet.
1 XRP Follows the Overall Trend
2 XRP/USD Technical Analysis
3 XRP/BTC Technical Analysis
4 Special Mention: The Elder Ray Indicator
XRP Follows the Overall Trend
It is always difficult to pinpoint an exact reason as to why the value of any currency, token, or asset is moving up. Over the years, it has become apparent most markets follow Bitcoin’s overall trend in one way or another. When the world’s leading cryptocurrency continues to rise in value, there is a good chance all other markets will follow a very similar path.
While most people would like to point at Ripple’s developments behind the scenes, it would appear that has little to do with this current price increase. It is good to see the parent company continue to forge ahead with its plans to revitalize the financial industry. However, that has very little to no impact on XRP’s price directly. More specifically, it won’t affect the public price of XRP, as Ripple’s partners are not buying this asset from places like Binance, Coinbase, or Poloniex.
XRP/USD Technical Analysis
On to the good stuff for today. For this chart, we are looking at the XRP/USD ratio on Bitstamp, which tells a rather interesting tale. All of the indicators on this Tradingview chart are free to use and will not require a paid subscription to plot. At the bottom of the chart, we have the MACD indicator with standard settings. On the price part, there are Bollinger Bands with standard settings, as well as the RSI Strategy indicator with its default settings. This latter indicator is a personal preference and can be substituted for any other of one’s choosing. https://www.minds.com/newsfeed/975782086006587392