So I ,like a lot of other people, got excited with XRP leading the charge on what appears to be an altcoin awakening. Several coins had 20% price bumps and XRP led the charge with a bump closer to 50%.
Today I am trying to look at this rationally and base it off what XRP has done in the past, "The Standard" if you will.
I see two possibilities here, the first is that we are matching the false bottom brought about by Ripple (the company) tweeting out 3, 2, 1 over three consecutive days last summer. This pumped the price up and was their first announcement of "Swell" the XRP conference where bankers like Ben Bernanke spoke. Bill Clinton is on the roster this year. My guess is this huge spike is in anticipation of an announcement at Swell 2018, which either could happen or it will be a "buy the rumor sell the news" event. either way i am watching closely and if a bull flag gets painted, we might have a bottom (see the possibility 2 shape on the chart).
I also would like to point out the volume similarities of the end of this falling wedge break out to the summer 2017 wedge (see circles). It aligns very well and though I want this to be an alt season as much as the next guy/girl... it doesnt seem like its time yet. The Stoch is starting to curl, and the RSI is a bit over bought.
Also, take a look at XRPUSD and XRPUSD shorts, it appears not very many people are in the short position right now, another indicator that there is room to fall.
Keep an eye on October 1st as the decision point. Last year Swell resulted in a sell off. Personally, I am sitting in USD, but XRP never ceases to amaze with the vertical price movements it has the ability to make on its standard pump and dump cycles.
Not investment advice, just observations. Good luck trading.
Comment
⋅
It was pointed out to me that Binance has much higher volume (comparable to December). I would wait to see if it can break the 9000 sat mark before I would concede that were going back to the moon, but @TheEagle2018 (below) makes a good case for the possibility 2 I show above.
Keep in mind that this is the first bump of significance on a top 10 coin and people have been lying in wait for something... anything to jump into for some dope gainz.
Trade active
⋅
Possibility #1: False Bottom still in play after a larger than anticipated move upward.
@TheEagle2018, interesting. Maybe possibility 2 is more likely than I thought. Thanks for the insight.
TheEagle2018
⋅
@Brodie_MT, I am interested to see at what point we make a retrace at . the growth at the moment appears quite strong. Albeit we are in a strong resistance zone now. If the retracement matches last DEC then I feel the next run will take us quite high . I heard the pump was started due to some comments by ripple that they may have the xrapid product live in a month either way at that point it will sell.
Brodie_MT
⋅
@TheEagle2018, I have heard these rumors too. Perhaps they will make an announcement at SWELL. Either way its rolling and I wish I held on longer.