XRP is the native coin of the ripplenet network that was created to serve as a utility function when money is globally transfered to different users from different online transfer payment. Therefore,XRP can also be transfered from one peer address to another thus is being considered to be a decentralized asset. Towards the beginning of this week(Monday, the 9th of March), one XRP started trading at around $0.2010. The price rises all the way to around $0.2153 on Tuesday but later dropped to around $0.1990 on Wednesday. On Thursday the same week, the price slightly went up again to $0.2100 . The same day on Thursday, the XRP market experienced a downwards market crash where the market crashes downwards to around $0.1425.On Friday the same week, the market slightly gained an upward movement and rises again to around $0.1690. On Friday the same day, the XRP market again crashes downward to around $0.1027. Currently, the XRP market has started to recover in an upwards direction. This upwards and downwards movement is due to traders behaviour in the market. This can further be explained as follows;
Traders behaviour
XRP is a well tradeable cryptocurrency since it has a huge community of traders who are able to profit by trading XRP both in an upwards and downwards direction. Therefore, we can say that when the number of XRP traders buying it are more than those selling it, then the XRP market will gain a downwards pressure movement and moves downward with few number of sellers so that it profits with them and makes many number of buyers to make some losses. On the other hand, when the number of sellers are more than the number of XRP buyers, the XRP market will gain an upwards support where it will move upwards with few number of buyers so that it profits with them and makes many number of sellers make some losses. Since there is possibility of XRP to be in bullish after it experienced a downwards market crash yesterday and today, its weekly price analysis based on traders behaviour can further be explained as follows;
1. Bearish XRP price analysis based on traders behaviour
In a bearish market, XRP will be considered to be moving in a downwards market direction. Towards the beginning of this week(Monday the 9th of March),the XRP market started trading at around $0.2010. By Tuesday the same week, the price had managed to rise to $0.2153 but later dropped to around $0.1990 on Wednesday. On Thursday the same week, the price slightly rises again to around $0.2100 . On the same day on Thursday , there was an XRP market crash where the market for XRP crashes downward all the way to around $0.1425. As Friday was starting, the market slightly gains an upward movement where it slightly rises to around $0.1690. On Friday the same day, the market again experienced a crash and went down all the way to around $0.1027. The market is now starting to gain an upwards movement which is likely to continue until next week on Friday. Here is the market chart for XRP ;
The above is the XRP market in terms of USDT. Two points are being indicated . There is point A and point B. Before point A, the XRP market can bee seen to have been experiencing a market crash for downwards movement on Thursday and Friday where the market crashes downwards all the way to around $0.1425 and $0.1027 respectively. This downwards market crash has been due to the number of XRP traders buying a given amount of XRP with their USDT balance being more than the number of those selling it . Because of this, the market strongly gains a downward market pressure movement where it moves downwards all the way to around $0.1027 on Friday as mentioned earlier . The XRP traders who had previously purchased their XRP and are still holding by that time started to fear of the value of their holding continuing to decline thus they have started to sell their XRP holding. Because of this, the number of XRP sellers again exceeds the number of XRP buyers thus causing the market to gain an upwards support where it slightly moves to point A at around $0.1502. At point A, the number of XRP traders buying XRP again exceeds the number of those selling thus causing the market to move downwards to point B at around $0.1292. The XRP market can now be considered to have gained an upwards pressure thus this downwards movement will not continue much further. The market will now be moving upwards until next week on Friday. You can now buy a given amount of XRP at current market price of around $0.1450 and holds it until Friday next week when the price will have doubled.
Summary
XRP coin was created to be used as a native coin on ripplenet by different merchant to instantly process online payment to their clients worldwide. It has managed to get huge number of community members trading it thus it can be considered to be well tradeable in both upwards and in a downwards direction. Between Monday to Friday, the market can be said to have been trending in a downwards direction after it experienced its market crash on Thursday and on Friday. The market crashes from $0.2010 on Monday all the way downwards to $0.1027 on Friday. This was a very huge crash since the beginning of this year. The market can now be said to have gained an upwards trend which is likely to take place until next week on Friday where the market can go above $0.2100. This is the right time to purchase and hold for one week. Therefore, we can say that when the number of XRP buyers are more than sellers, then the XRP market will move with few sellers downwards while when the number of XRP sellers are more than the number of XRP buyers, then the XRP market will move upwards with few buyers.
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