As we know, predictions and forecasts in the cryptocurrency market are a very thankless task. Many people want to increase the value of their coins, but not everything is as smooth as we would like.
The market of alcoins is simply swept away by a red wave of declines recently. This also affected the Ripple XRP.
Bitcoin (BTC) is also storming, and apparently quite purposefully. He is also the driver of the market and he is allowed to take any action. The main goal of all manipulations in the cryptocurrency market is to knock out the so-called “weak hands” from the game. Those who, by the will of fate, wandered into the market and want to get fabulous profits now. They first go out and part with their capital.
The market does not stand still. He is greedy by nature and nature. In the cryptocurrency market, there are many legal ways to withdraw funds from players and investors. In such a case, all methods are good. One of these methods is the manipulation of TA (technical analysis).
Let us consider below the ambiguous sign that the market drew for us:
How do you like this? Very nice, right?
So, market makers are engaged in such matters (manipulations). And with the help of illegally accumulated capital (usually in Bitcoin) they also manipulate the cryptocurrency price market. And you can draw anything, anywhere, and anytime. If only it was beneficial for the “artists” of this market.
A sharp turn in the TA
And so, what do we see on this TA and what opinions do “experts” express in the media space, after the recent optimistic forecast for Ripple XRP cost growth? And here is what:
Earlier this month, the Ripple XRP seems to have made the head and shoulders formation. This pattern usually contributes to bearish maxims and is a direct sign that the Ripple XRP may collapse in the short term.
At the time of this writing, the market value of the Ripple XRP cryptocurrency was $ 0.267 and it was testing the neckline of the figure. Cryptocurrency received relatively strong support at this level throughout the pattern. However, this may be just the time when the Ripple XRP falls under it.
The ratio of network value to transactions (NVT), which instead of the daily volume of transactions uses an average of 90 days, also decreases. It has fallen 25.8% since February 13 according to Coinmarketcap.
This may probably mean that the growth of the Ripple XRP network is declining and it is possible to continue to observe the strengthening of bearish trends in the market.
Ripple XRP community prophesies different fates. And we have to do everything ourselves.
So, the best friend of the XRP holder (investor) is a tough asset hold and ignore the crypto market in general. As we see (and we see the pictures that market makers draw for us), you can trust only yourself. And it is advisable not to enter into any dubious transactions with one’s conscience, so that it would not be insulting and painfully painful.