botje11

XRP Ripple bottom formation coming to an end

BITFINEX:XRPUSD   XRP / U.S. Dollar
The past months, each small or bigger (low time frame) rally XRP' made got smashed down each time. Just as we could see in my previous analysis, where is showed a nice bullish wedge which reached it's target, but got dumped just as fast again. But instead of breaking down, it remains above the 0.29/0.30, suggesting accumulation is going on.

In the middle we can see a curved support line, which is something i thing that should be watched closely. Because if that blue line breaks (with some margin) we could see it drop to the lows again. If we do break that big resistance around 0.33, we should see a big jump up, together with some decent volume . If it will be a small breakout, it will be very likely again to see it getting sold again.
On the left we can see another big resistance around 0.4, if that one breaks, i think the low might be set. short term, think that triangle is something to follow.


Previous analysis:
Comment: XRP is completely dead lately. Already broke that blue curved line, without even a fight. There is one, maybe an important note, about XRP. Since the Dec expatriation at Bitmex ended and the March started (which ends at 29-03), the price has simply been dropping (xrp/btc). Like someone is keeping the price at a low point to get max profit on the futures. Now the total amount open intrest, has a value around 40 million. My first thought is, that amount is not enough for such an operation, but they might be doing the same at other exchanges. I don't know, because i only know Bitmex myself.
I know the chart looked a bit bearish (the btc pair), i posted a big bearish wedge myself 3 months ago, but it has not been really dropping. Like a slow steady controlled drop. Could be noise, maybe some of you who know more about this, please share.
Anyway, on the right it seems a legit channel has been formed now. Can't make anything else about XRP now, but seeing bearish movement is more likely. Anything below 32.5/32.7 remains clearly in favor of the bears.

Comment: XRP still moving in that channel. On the left we can see the XRP/BTC pair with a short term support zone. If that one breaks, likely to see a new low again.

Comment: That Bitmex OI story i mentioned, it's even worse than i thought. Will try to explain more later today
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"completely dead" ? I completely disagree. averaging 600-800M in 24 hours trading volume. while during 2018 it was around 250-400M. its a quiet storm right now. It broke the blue line without a fight probably because that line isn't valid for most traders.

I firmly believe XRP will go sideways brewing for a little while then BAM
+5 Reply
botje11 Nouknitouk
@Nouknitouk, Actually, what you are saying here, is my hidden message as well (because i say, it's suggesting accumulation). I mean that it's simply being stopped each time it makes a move up, but also not getting dumped. Looks very controlled. In this case, with completely dead, i mean even though Bitcoin made a decent move up, XRP is not even moving a bit.
I think that expiration plays a very big part in this. So i expect a BAM as well coming month or so.
+2 Reply
Nouknitouk botje11
@botje11, thanks for clarifying!
Reply
Yes you are completely right. The whales are setting a buffer each time the price wants to break up.The big players are playing this coin down and each liquidation they buy. people give up and the whales are filling their pockets. And finally unexpected, boommmmm.... you will see
+9 Reply
@Allec, Why. Whales could make much more money by simply letting it shoot up. Not buying this whole whale accumulation story telling...
+4 Reply
ThumbSkin cyberholz
@cyberholz, you couldnt be more wrong
+4 Reply
adawhamb cyberholz
@cyberholz, Once it runs, it runs hard... the X factor is juicier from the bottom
+2 Reply
botje11 cyberholz
@cyberholz, Thats what you would think, in an ideal world, like 2017, letting everything pump and sharing the profits. What you miss,they need to push people out, so that when they are out, they push it up a little bit them selves, then the people who got pushed out, get in at higher prices and create the pump for the whales. Then when the people who get in late, the whales start to sell to them for profits.
+3 Reply
cyberholz botje11
@botje11, Of course I heard all that before and hope you guys are all right... it's just... the wait seems overly long and the markets already seem utterly squeezed...
Reply
adawhamb cyberholz
@cyberholz, If I am wrong so be it.. :) I have stop loss in place.
Reply
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