Aside from BTC All Eyes are on XRP
Aside from BTC All Eyes are on XRP
When XRP was launched on Bitstamp back in December 16, 2016, the price was around $0.00701 on day one. We all know XRP has been all over the news because of the spectacular way it began to drive the markets. What is most amusing about XRP is that it started to trade normal. That is reached its first market high on April 02, 2017 of $0.06906, it took the market 20 days to reach this first standard. Then, the market hit its first low more of less of $0.0370 on April 22, 2017. At the time those investing in XRP were looking for another high, which was finally reached nearly a month later, setting a new mark, at a price around $0.39883.
There is just something sacred about $0.3 that traders crave to see in XRP, which is know called the psychological factor, only for the XRP market to correct barely swiftly. For us using moving averages, knowing that XRP reached the first all time high, two months before the closure of the first 200 moving average, is important in today’s market terms. Even though we are told, all markets move differently, we are coincidently just a month away from XRP reaching the closure date for the latest 200-day moving average. Whether XRP will move past $0.3 this time around, time will tell.
On July 10, 2017, we saw the market closed the 200- day moving average at nearly $0.25586, while reaching a month earlier the very first all time high of $0.39883. Somehow investors perceived the market to be stable for XRP at this time, and for roughly 8-months, the market went on a serious of highs and lows. Finally, XRP reached its official true all-time-high on January 4, 2018, it was trading around $3.31694. We noted that this took place, just 26 days before the 200-moving day average closed at $1.06982 on January 30, 2018. As investors we tend to think these kinds of movements are way too drastic, the XRP market needed correction, inevitably.
Ever since January 04, 2018, the market has not reached beyond the 200-moving average closure of January 30, 2018. The market did reach a significant higher level than the last 200 day moving average closure of $0.76347 in September 21, 2018. However, this new high was reached two-months after the 200-day moving average date of closure in July 22, 2018. The 200-day moving average closed at roughly $0.29870 on February 11, 2018. Therefore, a lot of bias exists regarding XRP performance. Nevertheless, we did see a high 3-months later of $0.46956. The market after February 11, 2018 has been performing slower recoveries and moving with less volatility, than each previous cycle.
Depending on how we analyze the market, we may think the past 600 days, regarding the 200-day moving average that markets have failed to close above day 1 of 200MA. However, the market has proven to perform better than the opening dates, either by reaching a higher level a month or two-months after the closure of the 200-day moving average. On August 31, 2019, the market closed the 200-day moving average at 0.26034.This closure being a lower figure than February 11, 2019 opening level of $0.29870. Nevertheless, it did reach a new level high of $0.32710 a month later in September 18, 2019. Based on the past market performance, we expect the 200-day moving average to close on February 21,2020, while perhaps reaching a new high a month prior to this date or soon. At the present time the XRP market is trying to take dominion of the 23% of the market, which means this is still a great opportunity to buy, before we reach our next targets.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of steemit. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. It is recommended in mainstream not to invest money you cannot afford to lose.