XRP is the native coin of the ripplenet that was created with the main objective of being used by financial institutions to instantly transfer funds between their clients. XRP is not very much decentralized as compared to other cryptocurrencies. On Monday the 13th of April, one XRP started trading at around
$0.17860. By Tuesday the same week, the price rises to around
0.19018 followed by a drop to 0.1818 on Wednesday the same week . On Thursday the same week, the price further dropped to around 0.1900 but later came to rise to to around 0.1939 on Friday. There is possibility of this rise to continue to above 0.2000 by end of the week.This upwards and downwards movement of XRP can further be explained based on traders behaviour as follows;
Traders behaviour
XRP has a huge community of traders due to the usage of its network by several money transfer platforms to instantly process transfer of funds from one user to another. This makes it to be tradeable in an upwards and downwards direction and still be able to profit from the XRP market. Therefore, when the XRP market is trending in an upwards direction, that will be an indication that the number of sellers are more than the number of buyers. This makes it moves upward with few buyers so that it profits with them and makes many sellers make some losses. On the other hand, when the XRP market is trending downwards, that will be an indication that the number of buyers are more than the number of sellers. This makes the XRP market to resist moving upwards and moves downward with few sellers so that it profits with them and makes many buyers make some losses. Since the XRP market was able to show a possibility of moving upwards on Monday, we can therefore explain its bullish weekly price analysis as follows;
1. Weekly XRP bullish price analysis based on traders behaviour
In a bullish market, the XRP will be moving in an upwards direction. On Monday the 13th of April, one XRP started trading at around $0.17860. By Tuesday the same week, the price had gone to around $0.190180 followed bya drop to around 0.18180 on Wednesday the same week. On Thursday the same week, the price further dropped to around 0.17560 but later rises to around
0.1970 on Friday the same week. This price movement for XRP is being indicated as from the candlesticks chart below;
The above is the XRP market in terms of USDT. From the market, two points are being indicated. There is point A and point B. Before point A, the market has been moving in an upwards direction all the way to around $0.1940. At 0.1940, more traders have started purchasing some given amount of XRP in the hope that the XRP market will continue moving upwards. This causes the XRP market to experience an overbought market condition. Because of this overbought condition, the XRP market resist moving upwards and reverse where it slightly moves downwards to point A at around
$0.1860. At point A, the traders who had previously purchased their XRP and are still holding them start to sell them in the hope that the market will fall down further thus causing their holding for XRP to decline in value. This cause the XRP market to experience some oversold condition where it gains an upward market pressure and moves upward to point B at around $0.188850.
By Sunday of this week, if more XRP holders will continue selling their XRP, then there is possibility of the market to further continue moving upwards. The market can move as high as $0.2100 if this will continue. This is the right time to buy some XRP at current market price of around $0.1860 and hold it until it reaches around $0.2100 so that you make some huge profit. Make sure to apply risk management when you purchase some XRP so that whenever the market goes against you, you don't make some huge losses.
Summary
XRP is a native coin of the ripplenet network that enables online money transfer platforms to be able to instantly transfer money from one user to another. This makes it to have a huger community thus can easily be tradeable in an upward and downwards direction and still makes traders to be profitable. When the market is trending upwards, that will be an indication of an oversold condition while when the market is trending downwards, that will be an indication of an overbought market condition. The market has been trending upwards since Monday and has managed to reach $0.1940 from its lowest on Monday at around
$0.17860. Continue holding until it reaches $0.2100 so that you make more profit
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