XRP/BTC - Cup and handle formation

POLONIEX:XRPBTC   Ripple / Bitcoin
969 3 16
As described in the title, the chart of Ripple/BTC seems like an excellent time to enter.

The overall situation of Ripple is extremely bullish . Last week the company has collected $55m. in the series B funding having set deals with Standard Chartered, Accenture Ventures, SCB             Digital Ventures, the venture arm of Siam Commercial Bank, and SBI             Holdings. Additional investors participating in the round include Santander Innoventures, the venture arms of CME Group , Seagate Technology, and Venture 51. (1)

This week is a big week for Ripple since the company will be attending Sibos (Swift International Banking Operations Seminar), which is an annual banking and financial conference organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in various cities around the world. (2)
The theme of this years' SIBOS is transaction speed & innovation; which Ripple tries to fill these gaps.

NOTE These ideas are merely posted to share my ideas/thoughts on the current situation of Ripple and should not be considered as investment advice.

Trade active: Trading still active, chart shows the movement as expected. The second day SIBOS is currently being held in Geneva and more positive news has been released:
Trade active: Breakout happening as expected, well timed for #SIBOS.

With this breakout at the last day of #SIBOS I am expecting Ripplelabs to announce some fantastic news which would be used for the whales to sustain an amazing opportunity for major pump.
Comment: Horizontal line - upper resistance of cup broken. Major moves will occur- expecting target of ~2150 to be hit before a pull back into small accumulation for next big moves.

Patience is key, trade happy.

More positive news on the road; CGI (NYSE: GIB) (TSX: GIB.A) today announced it is the first commercial enterprise to implement the Ripple Validator Node.
There is some problem with the cup and handle...

C&H pattern characteristics :
1) Handle must not dip more than halfway to cup bottom.
2) Is a continuation pattern.

XRP's long-term trend is the opposite of bullish and the Handle has dipped more than halfway. It dipped 1240 and halfway is 1280. -> Even though there is a beautiful cup, it is not C&H pattern.

Happy trading! :)
GMolenkamp MarcelV
Hi MarcelV, your feedback is well appreciated! However there are some important things I would like to emphasize. First is that we should not forget that this is a cryptocurrency market. Even with volume of well over 7000BTC on daily basis- the orderbook is extremely thin compared to the adult stockexchange market. What does this mean? That panic selling by particular traders/investors is easily seen on the chart; in this case Ripple. I do agree, that usually the C&H formation should not dip more than halfway, however as mentioned above, this is a very thin market making it easy to break the rules of the desired setup of the algorithms seen on chart. Eventhough it may not seem as a C&H it is one that is being executed.

Second is that the fundamental news is key to Ripples growth. As the description mentions there is some extremely comfortable fundamental news that sustains a bull market. Eventhough it may not seem like "positive news" due to rational arguements against the releases you may need to understand that Ripple has been accumulating for an incredible long time. What does this mean? Simply the fact that those whom have accumulated aka whales are using this "news" in order to sustain a bullmarket.

I greatly encourage your point of view on Ripples' market situation; however as my advice I would be extremely careful shorting Ripple under the current conditions.

Have a great day and happy trading to you too!

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