Written by Denis HarrisoncontributorReviewed by Igor Belkinformer editor
The price of Ripple has reached its long-term correction peak. Will the growth start or the rate decrease further?
Long-term correction is coming to an end
The Ripple network is expanding and 25 exchanges have placed the XRP tokens this year making 30 exchanges in total where Ripple is available for trading. Despite its active development though, the price is in a long-term correction. After a sharp price hike in May, it has formed a downward reversal and there’s been a pullback during all growth since the end of March, 2017. After the fall in May, the price went up to $0.15, making it the key level. We observed a similar reaction on July 15 - 16, only confirming the importance of $0.15 level. This level can be considered the point where new long-term growth will start, going up to at least $ 0.40, or where there’ll be a reversal and a deeper fall to the $0.03-$ 0.06 zone.
#ICYMI: @miguelvias sat down with @CNBC to discuss our Q2 2017 #XRP Markets Report https://t.co/BFZrK5FZc1 — Ripple (@Ripple) July 21, 2017
Fall in demand
The picture is different with the demand volume. It seems to have been falling, compared to the level in May. Technically, the price is at the long-term correction peak and it has two options: to turn to a long-term wave up or to fall even deeper. For both options, there should be a reversal wave with vivid advantage. Therefore, the $0.15 - $0.20 flat may start, because of the demand insufficiency. For more significant growth, a reversal at $ 0.20 needs to take place. The same goes for a deeper fall. If Ripple settles at the $ 0.15 zone and forms a downward turn, it will mean that the demand volume has fallen even more.
Most likely scenarios
The $ 0.15 level is essential for a long-term trend. If the price does not settle there and it does not form a reversal down, then there’ll be growth with a pullback to the entire downward trend from $ 0.43.
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