Moose143252002

Not Terribly Convinced Yet

BITSTAMP:XRPUSD   XRP / U.S. Dollar
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I am by no means an expert at this. XRP's price movement has been discouraging, to say the least. While I am enjoying the prospect of a bull market in the near future I need to see some serious conviction from this coin. While there are historical (technical) similarities from the spring and into the summer of 2017, I think XRP needs to move convincingly higher, back into and above the 30 cent range and begin to form a pattern similar to that of the period between August and December of 2017 to begin to think there is something brewing. Otherwise, it is difficult to argue against the trend at this point. The 17 cent line seems to be significant support, and XRP has eeked precariously close to the line for some time now. If bitcoin pulls back once again and moves into the lower end of its trading range, it is hard to argue that XRP holds the line. Keeping my fingers crossed, but cautiously optimistic for sure.
Comment: We are knocking at the door of a well established upper channel marker. If the market can continue the positive pressure we have seen the last couple of days and push beyond we may get to see that convincing move up. Otherwise, I think we run the risk of continuing back toward the middle of the channel and resuming the downward trend. Rooting for an end to the bear run, but still not convinced yet.

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