BITFINEX:XRPUSD In the days leading up to the end of August, XRP showed great promise with prices rallying toward a high of just under $0.3. That uptick was accompanied by strong volume only to see a significant pullback and by the mid of September the price had seen a 100% retracement from $0.3 to $0.14. This situation left a lot of disappointed bulls who'd considered the uptick to be a great signal for buy-ins to go long however the bears won that round with room to spare before XRP found good support at $0.14 and the subsequent correction, waves (1) through (5) brings us up to the 0.382 retracement level and our new cycle begins with a steady increase in volume and an uptick signalling and confirming interest in XRP before the upcoming Swell Conference poised to compete with the SWIFT payment system.
As predicted in my last article regarding XRP, a comment was asked regarding my certainty in a breakdown with the upcoming Swell Conference. My sentiment at the time was that XRP would be met with interest at the very least due to publicity which would see a price increase but at that time a sell-off from bears would be the cause of a significant breakdown in price. This is evident from point (iii) to (iv) and a current recovery after a high volume interest rate is seeing the price gain strength based on the current market bullish sentiment. At the moment, I consider this period to be one of re-accumulation before significant breakout. Whether the price holds after a breakout past $0.3 remains to be seen. As stated in my previous article on XRP the price tends to be influenced quite easily and this can result in unpredictable situations.
My current thoughts on the price would be that of a new high after the conference. Leading up to the conference, based on the volatility indicated by the Bollinger bands the price could see our resistance zone again before a quick pullback just before the conference which will inevitably give us our volume required to break past our resistance zone toward aforementioned new high. Based on the history of XRP this new high will be followed by a sell-off that will cause a significant breakdown.
Investing and/or trading in digital assets like XRP is highly speculative and risks are involved due to a high market volatility difficulty level that doesn't favor new traders and new investors. The analysis expressed here is purely for informational purposes only and should not in any way be considered to be investment and/or trading advice.