Update for my previous half-formed idea about a potential Ripple bounce. I drew some more lines and my idea around the 3D MFI is still in play. Basically all previous significant pumps have happened after the 3D MFI came out of oversold. Now this doesn't mean a huge amount as far as price goes, because of course price can still be going down whilst the indicator is going up (divergence).
Given the most recent sharp drop I think we'll see a relief pump along the lines of what happened in August '17, but not as strong as that - I don't think XRP is quite ready for a major run, and that a scenario similar to August '17 is likely in that any relief pump is sold off sharply and price dumps further, whilst MFI bottoms and then starts reversing.
The squiggly line is maximum (realistic) pain for XRP hodlers, and would conveniently form a massive falling wedge. Other plausible options are:
i) Double bottom at 4k
ii) Completely nuke and revert to pre-bullrun pricing.
iii) Tiff Hayden turns out to be a fembot controlled by Carlos Matos and explodes during a Ripple board meeting, killing everyone. BitConnect 2.0 is released and becomes the Standard™.
I might punt a long in the box. Next best option: short the fuck out of whatever pump happens in the next weeks, probably it won't follow through.
Given the most recent sharp drop I think we'll see a relief pump along the lines of what happened in August '17, but not as strong as that - I don't think XRP is quite ready for a major run, and that a scenario similar to August '17 is likely in that any relief pump is sold off sharply and price dumps further, whilst MFI bottoms and then starts reversing.
The squiggly line is maximum (realistic) pain for XRP hodlers, and would conveniently form a massive falling wedge. Other plausible options are:
i) Double bottom at 4k
ii) Completely nuke and revert to pre-bullrun pricing.
iii) Tiff Hayden turns out to be a fembot controlled by Carlos Matos and explodes during a Ripple board meeting, killing everyone. BitConnect 2.0 is released and becomes the Standard™.
I might punt a long in the box. Next best option: short the fuck out of whatever pump happens in the next weeks, probably it won't follow through.
Comment:
Please don't expect a huge pump here like I put on the squiggly. This shit's going down I reckon, so while I wouldn't be surprised if we get a decent reaction off the box marked, I reckon this shit is going down and a slow bleed to 4k (at least) is very likely.
Comment:
Wow, this dropped harder and faster then I expected. Nice to be on the right side of all the Crypto Twitter personalities who were irrationally bullish about this shit when it was in the middle of nowhere. The support we're now testing didn't hold in Oct '17 so I don't see why it should here. I still like my idea of ~2200 for a long as it would also rekt euphoric shorters expecting a full retrace of the Dec '17 pump, but if the bottom trendline rolls over then I could see XRP returning to 3-digit satoshis.
Comment:
OMG XRP actually looks good for the first time in a looooong time. So, I might buy some on 'mex...even just to the top of the wedge would be a very nice trade. Impressed how price kinda followed the squiggly in the end, just a bit faster and with less volatility, more gravity.
Comment:
🚀🚀🚀 I'm long and hoping this ponzi breaks out of the wedge and blasts directly to the moon. Not expecting or looking for ATH but reckon the range highs around 10k are fair game for a scam pump as XRP runs hard when she gets going and it's been quite a while since we saw some green. Adding some on a break of 3.4k and more on a break of 4k.
Comment:
Ditched the long before BTC took a dive and glad I did. Expect to hop back in before long. Running out of wedge there $XRP...
Comment:
Sooooo we had a nice bounce out of the wedge but it turned out to be yet another bearish retest. I wasn't involved. Like many altcoins, $XRP is now entering another parabolic move to the downside. Should get a nice capitulation to 1200 sats, though wouldn't be surprised by a full retrace of the entire move from March '17. There's another trendline at the bottom and 600-700 looks interesting... Not buying anything until it shows some strength.
Comment:
Got some strength, looks good. I'll do a new analysis for the upside potential. Not expecting more than 10k sat for this cycle, sorry rippletards.
