Hi friends! Welcome to this update analysis on XRP! Let's get it! Looking at the weekly XRP log chart, we can see that XRP has been holding the bottom of this massive rising channel for WEEKS! And just this morning, we started to see a nice pop to the upside, off of the bottom of the channel. While this is a really healthy thing to see, XRP isn't anywhere near out of the woods yet.
Looking at the chart, we can see that just above the current price action is the 200 week MA (in purple.) While it isn't pictured on this chart, the 50 day EMA is right in the exact same area. Additionally, you can see that the prior bear market troughs are forming some lateral resistance that price is currently contending with. However, if XRP can get above those resistance levels, we will be looking at a very different technical picture.
The big question is, will the bottom of this massive channel hold or will it break? If it holds, then we are just now coming out of the bottom of the bear market in XRP. Let that sink in for a second. This could literally be the bottom, which is why I have been buying like it's the bottom. If price breaks down below the channel, then I will reassess that position. However, XRP is currently holding strong, and the path higher remains intact.
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I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
A lot of day traders here seem pretty angry. "Oh, it went up 3 cents". This looks an awful lot like anger from missing out on the 17%+ upward movement. Its not about the cents, its about the PERcent. Ripple holds the ground for the 3rd largest coin by capital. There are thousands of coins that do what Bitcoin does. There are less than 10 that do what Ripple does. Ripple will rise
BradTrimas
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@BankofEngland, 1000's of coins that do what Bitcoin does, yet none of them hold a candle as being as secure as Bitcoin. Security is Trust. Sha-256 is a trust platform. Even Litecoin can't match the the platform.
WorldEconomics
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@BradTrimas, Bitcoin was first, that's all it has going for it. Security, 90% of day traders don't care.. in the end, they just want more $$$ fiat. The honest truth about crypto trading
BradTrimas
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@BankofEngland, Day Traders don't care, but the individuals that hold their money and use it for transfers certainly do. Security will be everything moving forward. You have to bring value to get value, and security is ranked #1. First mover of course is very important. Especially when infrastructure is built around Bitcoin. There are 1000's of alts and no infrastructure is comparable to Bitcoin.
WorldEconomics
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@BradTrimas, - Well, sorry to say but anyone who holds their money in crypto is idiotic. No cryptocurrency is a safe haven. The only stable safe haven is and always was gold. Smart money goes into gold. The rest are short term traders trying to make a quick buck with a new asset.
BradTrimas
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@BankofEngland, I disagree. Where do I keep my physical gold that is safe? Bitcoin on an offline storage device could be stolen from me, and they still can't get into it. The SHA-256 platform is what holds the codes for our nuclear missile launch mechanism it is quite secure. Gold however can be in your house and in a safe and you can still get robbed. A safety deposit box at a bank is not insured and can only hold so much gold. Gold as a store of value is ok and I do hold some gold, but for larger amounts of working capital I need Bitcoin. Gold in physical form is not really that liquid.
WorldEconomics
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@BradTrimas - No but that's literally what happens. Nation states, wealthy elite, banks and corporations store value in gold. Bitcoin has NO store of value, because it is not stable and can drop 50% in a hour. You can disagree all you want, the smart money is simply not storing any significant money in bitcoin. They have places to store it, no worries about that. I wasn't talking about the simple day trader. You can store gold where ever you please. As for you last statement, I can't help if you can't comprehend what a store of value is vs liquidity. If you need working capital, you have fiat. So, I'm not sure what you are trying to say.
StruggleBus
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@BankofEngland, I agree with the sentiment. I also usually argue that land and water are just as valuable if not more than gold. As for trading something easily and profitably, BTC is pretty decent. Alt coins even better when they pump them. There's no 30-80% moves on a 3 day in Forex or anything else.
BradTrimas
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@BankofEngland, "Bitcoin has NO store of value, because it is not stable and can drop 50% in a hour." Bitcoin is the highest growing asset in a 10 year history with only 3 months within that history as a buyer you would be down today. The fact that it just moves far faster than gold doesn't decrease it's ability to to be a store of value. The weekly chart never even shows a bear market. Bitcoin is not only a SOV it's the best SOV in it's 10 year history. The numbers don't lie. If you buy any SOV at it's ATH you are asking for trouble. Bitcoin can not be beat. It has crashed 5 times over 80 percent which means nothing if you hold and accumulate during those crashes. It has ALWAYS been a winner with exception for 3 months. No other asset can claim that. Even Apple took 17 years to reclaim it's ATH.
WorldEconomics
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@BradTrimas, that’s what you call a bubble. Just because it grows, doesn’t mean anything. I’d rather take a $900 loss on gold vs $19,800 to $3,080. When nations, corporations, and elite start hoarding Bitcoin, I’ll believe it. Otherwise, it’s a nice way to gain more fiat. And that’s what 90% of anyone who invests in it wants. More fiat.