Since my first XRPETH analysis, we've pretty much followed the scenario that I was betting on. I swapped my ETH for XRP on the breakout of long term resistance (red circle with an X) at 0.0015 a while ago, and haven't looked back since. This trade saved me significant losses. My bullish target of 0.0035 was also right on point.
However, this pairing does tend to be particularly volatile, so caution is needed. It's good that we've maintained 0.0030. XRP does not fall behind ETH in market cap until it gets below the 0.0027 zone, so there's still a ways to go before it flips again. Ideally, I'd like to see XRP make a new high on this ratio. A breakout with volume past the pink resistance line would confirm this. XRP has done so well in recent months that it is still significantly up since its bear market lows, despite most of the market tanking. However, a pullback may be necessary, in which case I'd expect to see us fall down to one of the green support areas. A big retest of 0.0015 is also possible, but I've been saying this since the breakout and it still hasn't happened. I find this pretty bullish, if you ask me.
This is not financial advice.
-Victor Cobra
Previous XRPETH analysis:
However, this pairing does tend to be particularly volatile, so caution is needed. It's good that we've maintained 0.0030. XRP does not fall behind ETH in market cap until it gets below the 0.0027 zone, so there's still a ways to go before it flips again. Ideally, I'd like to see XRP make a new high on this ratio. A breakout with volume past the pink resistance line would confirm this. XRP has done so well in recent months that it is still significantly up since its bear market lows, despite most of the market tanking. However, a pullback may be necessary, in which case I'd expect to see us fall down to one of the green support areas. A big retest of 0.0015 is also possible, but I've been saying this since the breakout and it still hasn't happened. I find this pretty bullish, if you ask me.
This is not financial advice.
-Victor Cobra
Previous XRPETH analysis:
Comment:
Looks like XRP has dropped back to the green support or "flippening zone." ETH is close to taking over the #2 spot again, especially since this chart is looking pretty toppy. XRP will need to form long term support in this zone if it's going to maintain its stronger position against ETH>
Comment:
ETH has taken the lead again for now! I'm wondering if I should scale back into ETH, or stay in XRP (bought at 0.0015). However, XRP seems to be due for a large push up soon as well, as it might be forming a big ascending triangle on the weekly timeframe.
