I've been watching XRP for quite some time but I just became interested into this drop on the 'bad' news. In my opinion, it smells of a classic shakeout. I wasn't surprised to see it tank after this weekly pivot signal flashed weeks ago (see lower wavetrend indicator). I do not have a bias toward crypto currencies, and yes I see XRP as a currency, NOT a security. I see them as highly speculative, but that does not mean I dismiss the potential hedge they offer. There are countless arguments floating around on why you should/shouldn't own crypto and many biased toward precious metals only, or toward crypto only. I think it wise to consider both in today's world. If you follow my ideas, you'll surely know about my strong favor of hard assets like precious metals, land, food, or even toilet paper. A bird in the hand is worth two in the bush. If you don't hold it, you don't own it. I believe that physical ownership of assets is important for preservation in all conditions.. nevermind a real crisis. I'm preaching to myself here, but what is your crypto (or dollars 'at the bank') worth when the lights go out? What would you value if the grid (or even just the internet) were to go down for months or more? You really need to ask yourself that question and think hard on it.. as do I. I don't want to chase that rabbit too far but it's something to think about and take very seriously.
Regardless of that rabbit, I can't help but become interested in XRP here as a long term, speculative hedge. To see these trends respected so precisely really makes me raise an eyebrow to the timely manner of recent events.. It was a little too precise. I tend to like XRP over Bitcoin for several fundamental and technical reasons but the real elephant in the room is the dollar. Dollars are being created out of thin air at an exponential rate and that is what I'm most concerned about.
Regardless of that rabbit, I can't help but become interested in XRP here as a long term, speculative hedge. To see these trends respected so precisely really makes me raise an eyebrow to the timely manner of recent events.. It was a little too precise. I tend to like XRP over Bitcoin for several fundamental and technical reasons but the real elephant in the room is the dollar. Dollars are being created out of thin air at an exponential rate and that is what I'm most concerned about.
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This is the signal that flashed a few weeks ago (nearly a month ago) and I somewhat feel guilty for not sharing I observed it being respected again. I've been watching this for months on this weekly chart
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ALRIGHTY.. I've got some crazy idea here for you. This is a big 'what if?'. I like to look into the realm of impossible. I've been around long enough to see 'impossible' happen all too often. The apex of this giant wedge crosses back to the lows in XRP going back to it's inception. While I believe XRP has found support here between .16-.20, I think a flush of flushes is possible. I think it's entirely possible to see it hit the apex support level from 2016-2017. It's absurd but I'm prepared for this. I have multiple on-ramps available to me if this occurs and, honestly, I'm hoping for it. I have sharp eyes and a sensitive nose and have been smelling fish of late. I suspect that a great number of retail traders would dump XRP (if they haven't already) if we got horrible news and it dumped to those old lows. I've been patient, conservative, and careful with this and am fully prepared should the impossible occur..
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don't get too excited with this spike... I don't think the flushing is over
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Yellow arrow stands out to me considering the timing of recent events.. Many of the exchanges have made a stand to halt trading on XRP at this time... based on the SEC suit. There are several exchanges where one can still buy XRP but I just find the timing rather ironic.
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I've readjusted that lower trend line to line up with better contact.. This might be more accurate. Which also makes me think that it's going lower or consolidating for longer. I wouldn't get excited over this recent pump. I think it's a long term hold & ignore.