So, for those that have been following $XRP — there hasn’t been anything notable about the price of $XRP outside of the normal pattern of all other altcoins for the month of April.
Let’s take a look at how the price has fared this month though:
So, to date, in the month of April, $XRP has gained 28.04% — which is respectable!
Remember, this is appreciation against $BTC and $BTC itself has appreciated as well. So, if you had a heavy bag of $XRP at the beginning of the month, you came out a winner.
Noticed this oddity on the chart for $XRP, but let’s continue forth.
In the Immediate Short-Term (I’m not a financial advisor)
My personal opinion is that $XRP would not be a good pick-up in the short-term. Nothing on the smaller time-frame charts (30 mins, 1H, 2H, 3H, 4H, 6H) make this seem like a delectable choice.
None of the indicators are striking me as good selections.
So, on both, it looks like consolidation is occurring with the price and a potential bull pennant is forming.
Quick Review on a Bull Pennant Below:
This is typically what the bull pennant looks like.
It’s pretty much like one of those flag-looking things that you probably got as a small child whenever you went to sporting events.
You should be aware though that there is a success rate associated with bull pennants.
I believe that they’re getting these #s here from Thomas Bulkowski’s Encyclopedia of Chart Patterns (I have this downloaded already in a Google Drive for all members of the Discord 😉):
It’s worth nothing, however, that the success rates on these patterns are based upon stock performance over the last few decades rather than cryptocurrency.
I personally have observed that the completion/success rate of this pattern is substantially higher with cryptocurrency than it is for traditional stocks.
I’m kind of surprised that $XRP has been doing as well as it has lately because it’s been getting lambasted by the cryptocommunity and it’s taken a beating in the news as well.
However, before we get to that — let’s check on the progress of xRapid.
“Why are we focusing on xRapid?”
“Okay, makes sense — so, what is xRapid?”
Now, here’s a Google Doc (didn’t verify all of the entries in here because it’s way too much) that was posted on xrpchat.com (Ripple Source):
(https://www.xrpchat.com/topic/20328-list-of-ripple-partnerships-and-ripplenet-implementations/ ) <- Where I found the Google Doc
When examining the column of the spreadsheet that shows xRapid partnerships that have been acquired by Ripple in recent times — there are columns for xCurrent, xRapid, and several other things.
Check out the screenshot below:
If you scroll over to the xRapid column and look through it, it does not appear as though there have been many substantive relationships gained throughout the course of 2018 or 2017 thus far.
As mentioned in one of my previous articles on $XRP on Medium (I got blasted by the Ripple community for this — so, do not read if you are a huge fan of Ripple), the company has garnered close to $200 million from Ripple alone:
Bitmex Research also posted a piece recently, blasting Ripple’s consensus algorithm in February (they also mentioned Jed, but I think we’re all beyond that at this point):
I agree with their assessment of the consensus process and I made a point of noting this myself on Twitter a few weeks prior to the writing of this article before I was summarily blasted by the infamous troll, Tiffany Hayden.
Also, the news of Ripple’s owners allegedly trying to bribe executives at Gemini and Coinbase didn’t help either and more or less closed the coffin (at least it seems so) on the prospects of them being added to either of those exchanges:
Ripple Thrives Despite
However, despite all of this very negative news (which I’m sure many will just write off as ‘FUD’), the price has still appreciated against Bitcoin by 25% and the gains that it has made against USD are even greater than that.
Take all of this news with a grain of salt. I’ve already delivered my opinion on Ripple and the community over there has been more than clear about their thoughts on those writings.
I don’t have anything against Ripple and I’ve called Brad Garlinghouse a genius. However, I do still believe that the purpose of the Ripple token is to raise funds for the entire Ripple company and that they are not very seriously pursuing a real future with the token.
I’ve explained this in much greater depth in my Medium article. Feel free to respond to this story with any questions/concerns/opinions/praise/hate.