Should a breakdown occur, there are a few levels of support that could cushion the fall. First, we have some support around 0.803, which is converging with the bottom of the , strengthening that area as support. Just below the bottom of the channel, there is a rising blue dotted , which is a variant bottom that catches the low of 2/6. If we break below that, a test of the 2/6 low (0.57290) is likely to be next. For now, let's watch to see if the right shoulder completes.
You can see that XRP remains under the midline of the channel. The last time we broke under the midline of the channel, XRP tested the bottom of the channel, and then the variant dotted . Perhaps a similar move will occur, since XRP has displayed an inability to rise above the midline. Ether way, the overall look of this chart is . However, if a miraculous upside recovery happens, and the 50 (in orange) is surpassed, a test of the top of the channel would be in the cards — an unlikely feat. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
I very much appreciate the nuggets of wisdom you eject from your orifice of knowledge like so many pieces of corn scattered throughout an otherwise lump of detritus in the ideas section. However, may I suggest that any analysis of any cryptocurrency (except the Grandaddy of them All) is pointless if the other currency is fiat. Any pattern you identify in, for example, XRPUSD, is only valid to the extent Big Daddy Bitcoin doesn't do anything crazy. Unless you are suggesting that an alt coin has completely decoupled from Bitcoin, any big move in Bitcoin will render any moves in the altcoins vs fiat quite irrelevant.
Analyses of altcoins vs bitcoin, however, only become MORE powerful when Bitcoin goes crazy. If one identifies a massive bull pattern in an altcoin, and then bitcoin doubles vs USD, then the altcoin analysis just became a a grand slam home run. If one instead identified a bear pattern and then bitcoin doubles, it's fine dude at least you're stacking bitcoin.
Remember the words of Doc Brown getting into the Delorean. Except pretend he was asked about dollars instead of roads.
"Dollars? Where we're going we don't need dollars."
Remember, YoBit is 4 times the volume as Coinbase, as is Japan's largest exchange...both of which sell XRP via a fiat gateway. I would agree that Bitcoin takes up too large of market dominance, and too many coins are hopelessly tied to it. I also agree you can manipulate the market by manipulating BTC with algo BOTS. However, XRP is one that is not 100 percent tied to BTC for its purchase.