Found a lot of volatility in previous CoE post during the green circle as several trendlines collided and the market is trying to determine what direction XRP will ultimately go following this dip.
Ultimately I believe that as the first trendline (admittedly the most optimistic) failed, my hope is that XRP will pick up on the orange trendline as a direction, however if it fails, purple will be a support.
Failing that, we resort to the larger older trendline, and support happens around $1. I would be very surprised if it does fall that far.
How beautiful is that! Again... well done. Please keep sharing your ideas.
gaiseric
⋅
It will go to one if btc dumps suddenly to sub 10 k .
thepens
⋅
Ripple isn't driven by speculation...yet. Technical analysis isn't going to do any good. Do you know what caused the recent jump to $1.90? Was there a large investment? What's the volatility in market cap? I think we need to dig deeper to make any type of plausible assumption about the future price of XRR. (Obviously, this is only my limited opinion.)
afreet77
⋅
@thepens, true,during swell they dumped it in 26 minutes
michaelnecker
⋅
@thepens, I disagree that TA won't do any good with XRP. It's true that Ripple is in a very early stage, and the market is largely driven by news, but this means that the time in-between news cycles is almost purely speculative. TV won't let us post 1m chart data in these trading ideas, but if you look at the chart data during this timeframe, you'll see that it's sticking to the orange pennant quite a bit. My hope is that it does break bullish and pick up where it left off with the middle trendline, and I think sentiment overall will support that.
Ultimately the question is fundamental or technical analysis is most appropriate with XRP, and I believe the answer is both right now.