Hi friends! Welcome to this analysis on Ripple! Let's get right to it! Looking at the daily XRP chart, you can see that price is RIGHT on top of the 200 EMA (in purple.) Just below the 200 EMA, is the 50 EMA (in orange,) which is converging with a "Huge Support" level that has clearly been very reactive. So, there is an enormous amount of support just below XRP at the moment. Furthermore, XRP is coasting on top of all of this support, after it was launched higher on massive volume, during mid September. Now, there hasn't been any real follow through, to that rally in early September, but we are holding critical support. So, if XRP begins to move higher off of this support, I would expect initial resistance to come in around $0.62. HOWEVER, (and this is a big "however") if XRP begins to break down below this critical support that it's currently grinding on, it could have disastrous effects. A break below the "Huge Support" level would likely send price back down to the $0.37 handle, followed by a decline to $0.24 and $0.20. So, it's pretty clear that XRP needs to hold this critical support, or things could get ugly. Ultimately, XRP's immediate future is likely to rely upon BTC's action, which has been anything but "action." If BTC remains quiet, expect XRP to continue it's sideways grind.
PS. I can't say no to Agnes. =D
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.***
Oh, so in other words... it might go up, if it goes up... BUT it might go down, if it goes down?.... ok got it.
MagicPoopCannon
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@streetgainer, in the simplest terms, technical analysis is about identifying support and resistance, and trading breaks or holds of those predetermined support and resistance levels. I have identified the support and resistance levels that are of interest, and I will trade based on the "break or hold" conditions that I have identified in the analysis. So, essentially, you're criticizing a basic concept which is commonly used by all technical analysts.
streetgainer
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@MagicPoopCannon, "and I will trade based on the....." ......Really?... You haven't made a single definitive actionable buy or sell call on Tradingview. You're always waiting for "confirmation". Maybe you want to give the appearance that you're trading your charts, but EVERYONE here knows better. It's all hedge talk in your hopes of selling those memberships. Problem is you failed to prove you even trade this crap you post, and you damn sure never state your position in the trade.
MagicPoopCannon
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@streetgainer, Haha ok. I'd like to kindly direct you to the disclosure at the bottom of all of my analyses.
***This information is not a recommendation to buy or sell. It is to be used for EDUCATIONAL PURPOSES ONLY.***
if you want someone to hold your hand while you trade, you're in the wrong place. Thanks for continuing to be a loyal follower. ;-D
streetgainer
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@MagicPoopCannon, I never said you should "recommend", you're suppose to have that disclaimer which has ABSOLUTELY nothing to do with stating whether YOU entered into a trade, or NOT. As for me for wanting you to hold my hand, I am confident that you truly know better than that, and you're welcome as to me following, I will always be here to expose you. Not a problem. So enjoy, and happy mental trading.
MagicPoopCannon
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@streetgainer, out of curiosity, what makes you think that I'm obligated to state whether I enter a trade or not? That sort of information generally comes at a price. I know you want me to disclose my trades, so that you can piggyback off of them. Unfortunately, you won't get that for free. Hehe Take care, friend.
streetgainer
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@MagicPoopCannon, You're not obligated to do anything. "piggyback"... off of what? your gold trade? spy? hehe hilarious. No one will pay you for trades. That ship has sailed. You know that already.
leoa451
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@streetgainer, should I give you a book about divergences if you want so much to have actionable insights?
streetgainer
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@leoa451, "a book about divergences"...... Lol!, Poop c'mon man, even you have to laugh at that one.
Nah buddy, that's ok you should keep your book. I've done well on my own. Thanks anyway. LOL!
leoa451
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@streetgainer, Excellent! I know, it was like a slap for a such fine trader as you think you are. I don’t know what you find funny (I laugh too for other reasons), but looks like you finally found peace and can get over to signals you are so eager to see in poop’s ideas. How about you try it this way - you see any other idea on TV (hey, including yours!), pull up a chart, find divergences on higher timeframes and if it validates the idea have a go. I’m sure you’ll be happier from that day and stop whinging. Round 2 or you want to try it and come back?