$XRP price prediction is looking optimistic. Could the right shoulder finally be forming into a bullish run? Why is the market going crazy as Bitcoin prices plummet?
There are a lot of reasons why the market is acting the way it is today, and the most logical explanation is due to the crypto market cycle.
$XRP Price Prediction
Before talking about what a bullish $XRP could be like, and if it's actually going to happen, it is important to understand what is going on with the market.
What was first thought to be Alt season has now turned into a bearish run for Bitcoin itself along with most of the major coins in the market.
What is happening right now is actually something that can be logically explained, the perfect rationale with what is happening to the market can be seen in an article by CryptocurrencyFacts. As per the article, the market is going through a downtrend with crypto being eaten with fear.
Cryptocurrency Market Cycle:
1. Investors buy cryptocurrency early from the bottom while there is not a lot of optimism regarding cryptocurrency. Due to the purchases, the coins start to go up.
2. Cryptocurrency goes up. This is where long term investors hold, and more and more people start joining the market.
3. Excitement. This is where a lot of buzz is being built around cryptocurrency, and more and more people start buying coins.
4. Distributed complacency. Cryptocurrency starts to level itself and starts to plateau.
5. Cryptocurrency HODLers start to sell massive amounts of cryptocurrency, thus bringing prices down.
6. Traders start panicking and selling off their assets.
7. Cryptocurrency drastically dips down as owners panic sell.
8. The coin has reached the bottom, which proves a good opportunity for cryptocurrency traders to purchase the coin.
9. The cycle repeats.
$XRP Right Shoulder Forming
A certain Tweet by @KingDoggoXRP revealed a pattern that could show some positivity for $XRP during the bearish market. A massive price drop has happened before stabilizing, creating the left shoulder.
After the left shoulder is formed, the price dips even more, forming the head.
Once the $XRP price recovers, it starts forming the right shoulder. Although it is still within the early bull moments of the coin, the graph shared shows how the price is expected to go on a bullish run if it can only break its horizontal resistance.
$XRP RSI Indicator
Indeed, RSI indicates that the coin is bullishly moving along with its new trend. The graph on Binance shows the coin trading around the $0.850 mark. Of course, it is still early to tell as the coin hasn't completely recovered from the bearish run that has plagued the whole cryptocurrency market.
When one follows the cryptocurrency market cycle closely, the current state of the market could be that of FEAR as the cryptocurrency hasn't fully recovered yet, and crypto bulls have not yet been injecting massive amounts of capital pumping the price to go up.
This article is owned by Tech Times
Written by Urian B.