XRP Looking to Overtake ETH? Or is something else at play?
I've been following this pair since the XRPETH breakout around September 15th, 2018. The reason for this is Volume and volatility. This pair has experienced pretty volatile swings since the breakout. I traded my ETH for XRP at the circle with an X marked on the chart, when it broke past previous long term resistance. This was a no-brainer trade for me. This was a long term buy, as I became more bullish on XRP than ETH.
So far, XRPETH hasn't even tried to retest the 0.0015 previous strong resistance as support. This seems unusually bullish, since I originally thought the ratio would need to get back down there. In trading, nothing NEEDS to happen. Right now, we are still in an uptrend, and this is the strongest XRP has looked against ETH in a very long time (if ever).
However, something else might be going on with this pair, and this is why I might exercise some caution here. There is a possibility that a large amount of ETH is being accumulated at this time (although it does seem fairly weak by comparison). We could see a sudden drop to the 0.0015 level. If that level fails, then it will be confirmation that this has been a huge accumulation period for ETH. This is what I mean when I say "something else at play."
If this sudden drop does NOT happen, then the uptrend should continue from here, and XRP should overtake ETH for quite a while, if not permanently. When I analyze something, I always like to look at possibilities and potential setups.
In conclusion:
Good entry points:
0.0015 (previous resistance turned support). Need confirmation. Eventually we MAY have to retest this level.
0.0026-0.003 breakout (most recent resistance)
0.00087-0.001 long term bottom of range, if ETH goes on a spectacular run.
Sell targets:
Not planning on selling for a while, but possibly if:
0.0019 falls convincingly, rebuy at 0.0015
0.005 is reached
0.0015 falls on a retest
Remember, this is not investment advice and I am not a qualified financial advisor. I have only a year's worth of experience trading markets, but I enjoy learning (and sometimes making great trades!)
-Victor Cobra
So far, XRPETH hasn't even tried to retest the 0.0015 previous strong resistance as support. This seems unusually bullish, since I originally thought the ratio would need to get back down there. In trading, nothing NEEDS to happen. Right now, we are still in an uptrend, and this is the strongest XRP has looked against ETH in a very long time (if ever).
However, something else might be going on with this pair, and this is why I might exercise some caution here. There is a possibility that a large amount of ETH is being accumulated at this time (although it does seem fairly weak by comparison). We could see a sudden drop to the 0.0015 level. If that level fails, then it will be confirmation that this has been a huge accumulation period for ETH. This is what I mean when I say "something else at play."
If this sudden drop does NOT happen, then the uptrend should continue from here, and XRP should overtake ETH for quite a while, if not permanently. When I analyze something, I always like to look at possibilities and potential setups.
In conclusion:
Good entry points:
0.0015 (previous resistance turned support). Need confirmation. Eventually we MAY have to retest this level.
0.0026-0.003 breakout (most recent resistance)
0.00087-0.001 long term bottom of range, if ETH goes on a spectacular run.
Sell targets:
Not planning on selling for a while, but possibly if:
0.0019 falls convincingly, rebuy at 0.0015
0.005 is reached
0.0015 falls on a retest
Remember, this is not investment advice and I am not a qualified financial advisor. I have only a year's worth of experience trading markets, but I enjoy learning (and sometimes making great trades!)
-Victor Cobra
Comment:
It looks like ETH is breaking out a bit while XRP remains a little stagnant. This is the possibility I was mentioning. Let's see what happens.
Comment:
The ratio continues to drop a bit. Let's see if XRP can play catch up! ETH is leading for now.
Comment:
XRP caught up and is looking to pass ETH again.
Comment:
If we break through this current resistance, XRP will likely test the .0035 level. Given it broke .0026, it is possible that it will stay above ETH for a while.
Comment:
I'm sure many eyes have been on this chart, since XRP blasted past ETH in the rankings. Since my last update, we tested the .0035 level and are currently dropping. This was expected, as it is now major resistance on this chart. We can expect it to go back down to test a new support level, perhaps the .0026 that was broken.
Comment:
More bullishly, we can test .0030 or .0027
Comment:
Update:
