As you can tell from the very first chart, $XRP looks like its ready to take off on a rocket ship soon.
Above you can see a chart of $XRP on the $BTC pairing. As should be obvious, you can see that $XRP has been sort of going crazy lately on this pairing ever since approximately July 30th/31st.
Now, please take note that this is just the 1H Chart that I’m looking at, and this mini uptrend has only prevailed for approximately 4–5 days, which is hardly any length of time, even in crypto.
However, from what I’m seeing, this is bullish for $XRP holders.
This picture above shows the strong uptrend that $XRP has been on in the last few days on the 1H chart.
Let’s throw on top of it that it appears as though a bull pennant has formed (and been successfully broken) on this chart as well, which is a very good sign.
However, one major point of concern here is the declining volume over the last couple of weeks:
Now let’s examine why in the world $XRP has been experiencing such bullish price action against $BTC.
To Do So We Need to Look at the $XRP / USD Chart First
As you can see in the picture above, the price of $XRP on the USD chart has met against that super long-term resistance point of $0.40-$0.43 as it grinds at the apex of this VERY lengthy triangle pattern.
Now, Let’s Check Out the Price Movement for $BTC / USD
The price of $BTC appreciated between 7/19–7/26 (15.54%) and between 7/30 to present the price has dropped substantially (-13.08%).
Now, Let’s Go Back to the $XRP/BTC Chart and See How This Coincides:
Should be pretty obvious what’s going on here.
This is why the combined short on $BTC + the long on $XRP was advocated in the past from me.
Strategy/Conclusion
Given the fact that this is what the RSI on $BTC looks like at this present moment in time:
It feels like a continued long on the $XRP/$BTC pairing would be a wise idea.
However, if I were a trader entering this trade, I’d set a stop loss at $0.40 on $XRP. If it breaks to that point, you’re in danger zone.
Above you can see a chart of $XRP on the $BTC pairing. As should be obvious, you can see that $XRP has been sort of going crazy lately on this pairing ever since approximately July 30th/31st.
Now, please take note that this is just the 1H Chart that I’m looking at, and this mini uptrend has only prevailed for approximately 4–5 days, which is hardly any length of time, even in crypto.
However, from what I’m seeing, this is bullish for $XRP holders.
This picture above shows the strong uptrend that $XRP has been on in the last few days on the 1H chart.
Let’s throw on top of it that it appears as though a bull pennant has formed (and been successfully broken) on this chart as well, which is a very good sign.
However, one major point of concern here is the declining volume over the last couple of weeks:
Now let’s examine why in the world $XRP has been experiencing such bullish price action against $BTC.
To Do So We Need to Look at the $XRP / USD Chart First
As you can see in the picture above, the price of $XRP on the USD chart has met against that super long-term resistance point of $0.40-$0.43 as it grinds at the apex of this VERY lengthy triangle pattern.
Now, Let’s Check Out the Price Movement for $BTC / USD
The price of $BTC appreciated between 7/19–7/26 (15.54%) and between 7/30 to present the price has dropped substantially (-13.08%).
Now, Let’s Go Back to the $XRP/BTC Chart and See How This Coincides:
Should be pretty obvious what’s going on here.
This is why the combined short on $BTC + the long on $XRP was advocated in the past from me.
Strategy/Conclusion
Given the fact that this is what the RSI on $BTC looks like at this present moment in time:
It feels like a continued long on the $XRP/$BTC pairing would be a wise idea.
However, if I were a trader entering this trade, I’d set a stop loss at $0.40 on $XRP. If it breaks to that point, you’re in danger zone.
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Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com
