XRP has a great long term chart. The chart structures are bullish. A long consolidation is a good thing, not a bad thing.
Ripple keeps innovating
If anything, Ripple, the company, keeps on finding ways to innovate on the XRP network.
Faster payment settlement, primarily, remains the differentiator of leveraging XRP technology.
1/ Ripple and the US Faster Payments Council teamed up in 2023 for a global survey, unveiling key insights into blockchain payment adoption.
Let’s explore 4️⃣ key observations. 🧵
— Ripple (@Ripple) February 20, 2024
Ripple published fundamental insights that prove the growing value that blockchain is able to deliver. One data point, particularly, was the result of a survey:
Past surveying proved that leaders were bullish on blockchain and cryptocurrency technology for faster payments, and believed in the potential of blockchain payment processing.
Now, these sentiments have materialized into real value. 77% of respondents note that using blockchain for payments is Very Beneficial or Somewhat Beneficial to their organizations’ end customers. Over 60% suggested the same for customers using cryptocurrency for payments.
As Ripple keeps on innovating, the market and demand for blockchain services keeps on growing.
XRP ETF underway?
There are not only technological breakthrough innovations by Ripple but also the possibility of an XRP ETF.
Ripple announced that an XRP ETF might be underway.
Needless to say, this will bring momentum to the price of XRP.
Ran through a lot with @sonalibasak & @kaileyleinz this AM – why we’ve been forced to rely on court decisions (not sound policy) for regulatory clarity in the US, a potential XRP ETF (!), @Ripple’s recent acquisition of @StandardCustody, and why Ripple continues to take a…
— Brad Garlinghouse (@bgarlinghouse) February 20, 2024
XRP long term chart – very bullish
As explained in our XRP forecast 2024 and XRP forecast $10 confirmed, a long consolidation is a good thing, not a bad thing, provided key support levels are respected.
As said in When Will XRP Finally Break Out?
The right question to ask is not WHEN exactly XRP will break out. That’s because all 3 charts, featuring a completely different view and different chart patterns, confirm the bullish nature but also explosive characteristic of XRP. It is a fact that XRP as a cryptocurrency tends to stage accelerated moves in a very short period of time.
We continued:
The really important question is whether XRP owners are willing to wait until the big breakout above 0.88 USD is going to happen. Between now and then, XRP owners better remain patient, because the structure of this long term consolidation is bullish. Sooner or later, the big breakout will start.
So, there is a divergence between the emotional result of a consolidation (‘boring’) and the chart (bullish).
The longest term chart is bullish, very bullish, provided key support is respected.
Source – Tradingview
XRP on its daily – bullish
Even on the lower timeframe we notice a bullish setup.
The triangle visible on this chart is bullish as long as support is respected.
It becomes really clear when zooming in.
The ongoing consolidation occurs below $0.66 which is the 50% retracement level of the long retracement since the 2021 highs. This is a good thing, not a bad thing.
Also, notice that resolution is near. Not later than April should XRP resolve, presumably to the upside, forced by the chart pattern.
XRP consolidation – a good thing, not a bad thing
In sum, we believe that the long XRP consolidation is a good thing. It may feel differently, certainly with AI coins breaking out.
As said in our crypto research service, XRP is a buy-and-hold token. It should be complemented with AI coins that have more momentum.
More about AI coins in our recent premium alert updates >>
