Over the past several months many cryptocurrencies have incurred relatively large gains that have put a significant amount of distance between their current prices and their 2018 lows. But much to the chagrin of investors, Ripple (XRP) has not been one of these cryptos, as it has remained relatively stable around the $0.30 region.
Ripple has gained some upwards momentum after news broke regarding XRP’s Liquidity Index being added to the Nasdaq Global Index Data Service, joining Bitcoin and Ethereum, which were both added previously.
Being listed on the Nasdaq Global Index Data Service was a small win, even some additional validation, but price is still stuck in the mud.
XRP has gotten a bad rap over the years by the hardcore crypto maniacs out there because they claim XRP isn’t decentralized because of the Big Banks’ compliance requirements and members on their board who once held government position. Who cares whether they are decentralized or centralized, they are a 10 top coin and what really matters is if institutional banks will used them longer term.
The chart suggests if price breaks out of the range to the downside, it would be a great opportunity to go long based on the daily demand zones on top of one another.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.