I've been perplexed about whether the price will jump back up or continue to be beaten down at the moment, so I've been looking around for different opinions to see if I could augment my own. Though many are quite bullish that XRP's price will surge and breakout from this falling wedge (www.tradingview...ryQ-XRP-Ripple/?utm_source...), I feel that the technical indicators are failing to express what is happening beyond the charts.
I believe that the price will continue to be rejected in the short-term, though I am still -very- bullish in the long-term (as I believe XRP will eventually be worth $100 between 1 to 4 years from now). I am basing this assumption off of Wyckoff's "composite man." As XRP's price can be seen as an opportunity for both banks and regulators, we can assume that there are many big players working behind the scenes who continue to suppress its price (which can be inferred from its overall downward trend, even though there have been countless instances of "good news" about its utility and Ripple's progress over the past two years).
Technical analysis is supposed to offer insights about the probability of where price is supposed to go, but if we keep this past history of manipulation in mind, I find it highly probable that the price will continue to follow the greater downward trend and will continue to be suppressed. Notwithstanding this seemingly bearish sentiment, I am going to repeat myself by saying that I am still extremely bullish in XRP's dominance in the crypto space over the long-term and am looking to increase my position over time.
I believe that the price will continue to be rejected in the short-term, though I am still -very- bullish in the long-term (as I believe XRP will eventually be worth $100 between 1 to 4 years from now). I am basing this assumption off of Wyckoff's "composite man." As XRP's price can be seen as an opportunity for both banks and regulators, we can assume that there are many big players working behind the scenes who continue to suppress its price (which can be inferred from its overall downward trend, even though there have been countless instances of "good news" about its utility and Ripple's progress over the past two years).
Technical analysis is supposed to offer insights about the probability of where price is supposed to go, but if we keep this past history of manipulation in mind, I find it highly probable that the price will continue to follow the greater downward trend and will continue to be suppressed. Notwithstanding this seemingly bearish sentiment, I am going to repeat myself by saying that I am still extremely bullish in XRP's dominance in the crypto space over the long-term and am looking to increase my position over time.
