“Is the Megabull Over?”
A question that is puzzling the minds of Ripple investors as its market price continues to plummet.
Hello everyone and welcome to another free technical analysis by Bieber Analytics, exclusively on Steemit. My name is Bieber and today I am going to spill the beans about Ripple so you can decide whether you should keep hodling (holding) your Ripple coins or sell them all before it’s too late! But first, let’s talk a little bit about Ripple.
The Ripple Effect
Developed by Ripple (the company) in 2012, Ripple is a digital payments network that allows global banks to transact directly in real-time using its digital currency known as XRP.
Earlier in March this year, XRP was only trading at around $0.006 before news about the Japan Bank Consortium having plans to use Ripple began to spread like wildfire. The ripple effect of that news skyrocketed XRP’s value by 72 times, setting an all-time high price of $0.43 in less than three months. The price has since undergone a major correction and continued to hover above $0.20 in the past few weeks.
Naturally, this raises concerns from investors who have poured huge sums of money into Ripple which currently holds a market cap of $9.6 billion, particularly those who bought at the top. Those concerns grew into fear just as myths from skeptics began to surface.
Myths vs. Facts
It is evident that the myths have played a hand in the price plunge.
“Myths which are believed in tend to become true”, George Orwell
Like the Mythbusters, I am going to bust every one of those myths so that you get your facts right. Before we proceed, keep in mind that I am not a Ripple enthusiast. Though I will admit that I am a Steemit enthusiast -- Go, Steemit!
Honestly, I am just someone who dislikes unfounded truths so here we go.
Myth: The banks’ adoption of Ripple has nothing to do with XRP because they will use their own proprietary cryptocurrency on the Ripple network.
Truth is, Ripple (the company) will solely use XRP for its Ripple network. This means when the banks use Ripple, they use XRP too.
Myth: Unlike Bitcoin, XRP is centralized!
Way off the charts! According to this post from the Ripple official blog, XRP will become even more decentralized than Bitcoin.
Myth: Money invested in XRP is not-so-smart money.
Let’s do a case study here. The SWIFT network processes 29 million FIN messages per day on average. If each of those remit a modest amount of $100, then we are looking at a money flow of $1 trillion dollars annually at least. If Ripple takes on just a quarter of that market, it would be huge.
Myth: XRP has an infinite supply like the fiat currency. It will hyper-inflate and become worthless.
On the contrary, there is a finite supply of XRP and every transaction burns a small amount of XRP. Just like fuel, once they are burned, they are gone for good. This means the total supply of XRP reduces over time, thus increasing its value.
Facts aside, is Ripple dead? Is it going to crash really hard? Am I gonna rekt (wrecked) myself buying Ripple? Now that you have reach an equilibrium between myths and facts, let’s move on to the interesting stuff!
Here we have a daily chart of XRP -- I’m just gonna call it Ripple. Using some of my Voodoo magic (Fibonacci and the Elliot Wave), I was able to predict its long-term trend and forecast where the price is likely heading in the next few months.
Just like Steem, I believe that Ripple is going to tenfold increase its value by the end of this year. While Ethereum and Bitcoin are busy racing each other in front, Ripple is going to catch them off-guard and take the lead in terms of market cap.
"No way! Gerara here!"
Simply put, Ripple is going to be the best performing crypto of the year, if it has not earned that title already.
“I dunno, man! The price is still dropping!”
You mean, despite the fact that Bitcoin has dropped almost $1,000 from the top? Well, of course but from Ripple's standpoint, I would say that it is holding up exceptionally well. It's crazy that Ripple is up 4000% in three short months but if you think -that- was the Megabull, wait till you see what’s coming!
Where can you buy Ripple (XRP)?
If you click on my Bitfinex link above to sign-up an account with them, I will earn 10% from your trading fees and you will get a 10% discount off of your trading fees for the first month following registration.
Ripple is also available for trading in these exchanges:
Alright, this wraps my technical analysis on Ripple today and I hope you find it useful. I have also done technical analysis on Steem and Siacoin earlier this week. Those trades are still valid so please check them out.
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Thank you for your support! Now I off to buy some Ripple.
Disclaimer: Please always do your own due diligence, and consult your financial advisor. My trades are solely intended for personal use. I never provide any actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment.