MagicPoopCannon

You Want To Make Money?! Join Team Magic! (XRP)

BITFINEX:XRPUSD   Ripple / U.S. Dollar
Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that XRP has broken down from the bear flag as anticipated. If you recall from my last XRP analysis, I said "If you look closely at the candles inside of the bear flag , you can see that the past three candles have tall wicks on the top sides. This is an indication of distribution (selling) and, although it is on a small scale, it shows that there is sustained sell-side pressure inside of the bear flag . That is a nuance that indicates an increase in the breakdown potential of the flag." We also talked about how the 20 EMA was falling into the flag itself, increasing the likelihood of a breakdown. As you can see, a breakdown has occurred, and now XRP appears to be taking a pause on the current candle. Regardless, I think it is pretty clear that we will test the low of 2/6. Interestingly, ETH, and a few others, have already broken down below their respective 2/6 lows. So, perhaps they are showing us a leadining indication, that things like LTC, BTC , and XRP here, will eventually break down below their 2/6 lows. I'm not saying that it's a certainty. I'm just sayin that if they are an indication of the coming performance of the other top currencies, a breakdown could be imminent. Good luck trading, comrades!

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.***

-Magic loves you-

-JD-
He doesn´t know what he is talking about: talks off ripple and means XRP!
+1 Reply
mster
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condusef condusef
@condusef, you are the best @MagicPoopCannon
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@MagicPoopCannon kindly update us
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any update ?
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Everything is down. Has nothing to do with TA. IRS implications setting in now that it's tax season, and people have sat down with their accountants. SEC going gang busters with subpoenas. Japan freezing exchanges, and so on, and so on.... the list goes on. Even my short call on XRP has been accelerated with the climate. However, let's see who accurately calls a bottom of this market, hmm!!

Anyway, here's my short call for XRP...
+2 Reply
Taiwan_Bear streetgainer
@streetgainer, I think my call for the bottom was pretty spot on. It has everything to do TA....

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streetgainer Taiwan_Bear
@Taiwan_Bear, Sorry I don't chart against the $, XRP/BTC still going down, on schedule.
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svhill11 streetgainer
@streetgainer, You do a good job charting, but XRP/KRW and XRP/JPY is what moves XRP. More than 60 percent of its trading volume is moved by Asian fiat. What is does against Bitcoin is only relative to those who own Bitcoin or those who live in the archaic west where everything is still tethered to BTC. That said, since all crypto is down, everything tends to look the same.
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@svhill11, Yes, I am well aware that S Korea is the main pump and dump source for XRP. My using the BTC pair is to increase my Bitcoin holdings. In my opinion it's the only coin that matters in crypto.
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