This is not investment advice, just my opinion on what we should expect to see from XRP.
NEWS
- www.bloomberg.com/ne...ling-to-register-xrp
- Summary: Ripple Labs is being sued as of December 2020 by the SEC for $1B+ for failing to register XRP as a security, which they offered to raise $1.38B.
- Side Note: SEC Chairman behind the lawsuit Jay Clayton issued the lawsuit right before announcing his planned retirement for June 2021. He is known to be anti-crypto.
- Side Note: The SEC has said that they don't think BTC and ETH are securities. So I ask, why would XRP be considered a security?
- blog.coinbase.com/co...uary-19-2e09652dbf57
- Summary: Due to the SEC Lawsuit Coinbase is halting all trading of XRP January 19th. Other exchanges are also delisting XRP temporarily until the lawsuit is resolved.
- Side Note: The dates for delisting / halting trading vary, but I expect it is likely the price to drop some leading up to the January 19th halt.
- Side Note: With harder to access exchanges only continuing to offer trading of XRP, this could lead to some high volatility.
- help.coinbase.com/en...-trading-pairs/Spark
- Summary: Spark is the native token of the Flare Network. Spark is a "utility fork" of XRP, which means it is not created to take over XRP, but to add value to it. Anyone holding XRP on their Coinbase as of December 2011, will receive Spark tokens sometime soon... guessing sometime around the halt of XRP trading... coincidence? I think not.
- Side Note: Spark will create interoperability for the XRP ledger, which means equities, bonds, and commodities will not be able to leverage the XRP ledger. This uses a "trustless issuer" process, which basically allows these transactions to forgow further financial analysis. This ease of use and reduced complexity creates substantially higher liquidity for XRP. Utopia-esque thought, what if the XRP ledger becomes the defacto platform for derivatives trading - this would make XRP go BONKERS!
The reason you are reading this post is for Technical Analysis, but due to the IMMENSE news being circulated on Ripple Labs and XRP right now I would be remiss if I did not cover at a high level - so hope that helps!
TECHNICAL ANALYSIS
- We completed the Elliot Impulse Wave (1-5).
- IMO we have completed the Elliot Correction Wave (A-B-C)
- .173 USD is the support line we really want to watch here. If this breaks, we move from a bullish to a bearish scenario, and could retest March lows of .11 USD.
- Now we want to see a consolidation period where we stay around .30 leading up to January 19th, when the big Coinbase halt of trading starts. Right now the ATR (Volatility Index) is very high and we want to see that come down to normal levels as well as you see in my chart. In parallel, we also want to see the MACD come down, and then see the blue line break up through the orange line around Jan 19th. Last we will want to see RSI come down some to the 40-30% range and bounce nicely back up around the 19th as well.
- The more the indicators above hold the more likely we will see a bullish breakout. If we can make it through January 19th without breaking below .17 and the indicators above follow suit I believe we could see a bullish breakout to .83 USD.
- At my time of writing this BTC is @$40,154, if BTC were to see a large correction, this could also drag XRP down with it - just a heads up.
OVERALL SUMMARY
- I hold a bag of XRP and am in it for the long run. I do think the SEC lawsuit creates a buying opportunity for XRP that we WILL NOT see again, presuming Ripple Labs successfully makes it through the lawsuit and XRP is not deemed a security. The upcoming Spark airdrop will only add fuel to the fire by increasing the utility and liquidity of the XRP ledger. Last, would Amazon and Hyundai be announcing partnerships with Ripple if it was a fraud???
coinmarketcap.com/nl...rd-payments-service/
u.today/hyundai-subs...-financial-solutions
Now I know how people felt in the 90s when the Internet was taking off. Have fun, hodl (take profits periodically), buy dips, and enjoy the ride!
NEWS
- www.bloomberg.com/ne...ling-to-register-xrp
- Summary: Ripple Labs is being sued as of December 2020 by the SEC for $1B+ for failing to register XRP as a security, which they offered to raise $1.38B.
- Side Note: SEC Chairman behind the lawsuit Jay Clayton issued the lawsuit right before announcing his planned retirement for June 2021. He is known to be anti-crypto.
- Side Note: The SEC has said that they don't think BTC and ETH are securities. So I ask, why would XRP be considered a security?
- blog.coinbase.com/co...uary-19-2e09652dbf57
- Summary: Due to the SEC Lawsuit Coinbase is halting all trading of XRP January 19th. Other exchanges are also delisting XRP temporarily until the lawsuit is resolved.
- Side Note: The dates for delisting / halting trading vary, but I expect it is likely the price to drop some leading up to the January 19th halt.
- Side Note: With harder to access exchanges only continuing to offer trading of XRP, this could lead to some high volatility.
- help.coinbase.com/en...-trading-pairs/Spark
- Summary: Spark is the native token of the Flare Network. Spark is a "utility fork" of XRP, which means it is not created to take over XRP, but to add value to it. Anyone holding XRP on their Coinbase as of December 2011, will receive Spark tokens sometime soon... guessing sometime around the halt of XRP trading... coincidence? I think not.
- Side Note: Spark will create interoperability for the XRP ledger, which means equities, bonds, and commodities will not be able to leverage the XRP ledger. This uses a "trustless issuer" process, which basically allows these transactions to forgow further financial analysis. This ease of use and reduced complexity creates substantially higher liquidity for XRP. Utopia-esque thought, what if the XRP ledger becomes the defacto platform for derivatives trading - this would make XRP go BONKERS!
The reason you are reading this post is for Technical Analysis, but due to the IMMENSE news being circulated on Ripple Labs and XRP right now I would be remiss if I did not cover at a high level - so hope that helps!
TECHNICAL ANALYSIS
- We completed the Elliot Impulse Wave (1-5).
- IMO we have completed the Elliot Correction Wave (A-B-C)
- .173 USD is the support line we really want to watch here. If this breaks, we move from a bullish to a bearish scenario, and could retest March lows of .11 USD.
- Now we want to see a consolidation period where we stay around .30 leading up to January 19th, when the big Coinbase halt of trading starts. Right now the ATR (Volatility Index) is very high and we want to see that come down to normal levels as well as you see in my chart. In parallel, we also want to see the MACD come down, and then see the blue line break up through the orange line around Jan 19th. Last we will want to see RSI come down some to the 40-30% range and bounce nicely back up around the 19th as well.
- The more the indicators above hold the more likely we will see a bullish breakout. If we can make it through January 19th without breaking below .17 and the indicators above follow suit I believe we could see a bullish breakout to .83 USD.
- At my time of writing this BTC is @$40,154, if BTC were to see a large correction, this could also drag XRP down with it - just a heads up.
OVERALL SUMMARY
- I hold a bag of XRP and am in it for the long run. I do think the SEC lawsuit creates a buying opportunity for XRP that we WILL NOT see again, presuming Ripple Labs successfully makes it through the lawsuit and XRP is not deemed a security. The upcoming Spark airdrop will only add fuel to the fire by increasing the utility and liquidity of the XRP ledger. Last, would Amazon and Hyundai be announcing partnerships with Ripple if it was a fraud???
coinmarketcap.com/nl...rd-payments-service/
u.today/hyundai-subs...-financial-solutions
Now I know how people felt in the 90s when the Internet was taking off. Have fun, hodl (take profits periodically), buy dips, and enjoy the ride!