In my last analysis, I predicted XRP would have a nice breakout to the upside from a side-wards resistance line that I drew on the chart (See my related ideas links below for more details of this analysis) and since then, it's gone EXACTLY AS PLANNED! :-). Price broke out nicely, and the buy was exactly on the side-wards resistance turned support according to my last analysis and the move went absolutely perfectly, anyone who followed would have made some good gains. Now, price has hit a minor high, which coincides with the previous swing high.
XRP is showing very early signs of weakness in the technical trend. when price hit the previous swing high there was a clear dark cloud and lots of indecision candles since. I expect XRP will need to take a correction from here to the downside (Even if only a small correction). Price will likely correct to 0.5550 (Which is the 20 moving average which could be potentially used as a support), 0.51200 (Which is the 50 moving average support level) or finally at worst, a correction to 0.43700 (Which is the side-wards support level which where the last rally originated from.
There is a lot of support levels as you can see, but in situations such as these, it is subjective and we must just watch the market play out before anything is done.
Furtherly confusing, if price breaks above 0.61000 then we're going to the upside... But this is ONLY if at least the 20 moving average level is hit, or it's not safe, and isn't a go.
Where do YOU think price is headed? leave a comment with a chart and let's share our thoughts!
Thank you for your support.
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Price is now supporting on the 20 and 50 moving average. Will price stay here? Or will price break below the moving average support levels and go further down to the horizontal support zone between 0.43000?
I guess we will all soon find out. :-)
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Price is sitting on my support line line perfectly, meaning it's clear that people have acknowledged this level. Let's wait it out and see how price plays out! :-)
Please leave a LIKE. I'd really appreciate it. :-)
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My support line is still holding! Looks like it was a crucial idea afterall.
I'll be posting a new Ripple analysis later had this idea get sufficient attention.
There may well be a lot of people still bull trapped at various levels of XRP, just holding to recover some of their losses. That plus the truly mad value of XRP: there are 100bn XRP in existence and at the current 57 cents that's an amazing 57bn a value similar to that of Russian oil giant Gazprom or BNY Mellon bank, Dell and larger than Northrop Grumman. This while Ripple hasn't planned for XRP to serve a significant purpose and XRP certainly is not is a security. XRP is mostly emotion, wishful thinking and spin. But with people electing emotion, wishful thinking and spin to the highest offices of their nations there's no reason for XRP not to "become great again" either. But it would be nuts. XLM's fundamentals look better in this space.
theredbaronZ
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@Braller, XRapid will use XRP as its transfer mechanism. That combined with the built in burn rate of 1 XRP per 100,000 transactions will reduce supply as demand increases causing coin price to increase. Seems to me this is one of the few crypto(ish) projects with an actual use in the real world. We'll see if anything significant is announced at the Swell conference this week...
Braller
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@theredbaronZ, It's good news for Ripple yes but XRP will be used as a bridge currency, not as a thing in and of value by itself. Looking forward to the conference and what meat is there. For my own fiat transfers I use transferwise which has a very interesting and competitive option and method.
theredbaronZ
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@Braller, Will check transferwise. Peace. Live long and prosper bro.
cryptorumors
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@Braller, Correction. Actually XRP token has significant plans with Xrpaid in the transfer bridging process exchanging currencies. This is no longer an emotional daytrading coin based on the "rumor" :). This was hush hush for awhile but the "cats out of the bag"
Braller
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@cryptorumors, Thanks for the update, will have to see how it pans out. Banks probably do like a more accountable corporate player for their services than a 'community' otoh it is the very decentralized character of crypto that is one of the core benefits.
Raven276
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You got to believe or set your rules and stop losses for sure. Protect yourself at all times this is crpto not NASDAQ shit ain't the same sometimes as I have learned the hard way lol :(
Braller
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@Raven276, Yes although XRP is a good one to trade, lots of volume and a bit more predictable than many other alts.
cryptorumors
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i think after the Swell News we see another 15-20% correction bottoming out at .38 to a support zone of .42-.43. The RSI is extremely low, volume and bearish. Oct 1st was highly anticipated by savvy market analyst to have had a bullish boom, and has yet to come out to save the tired Bears. But it seems the bears are back on which is consistent with the charts each Mondays correction. Additionally Bitcoin was showing a descending triangle entering into the bear zone. Bitcoin needs to finallly push past the resistance zone of $6800 to achieve new support. Grandfather BTC despite XRPs bullish sentiment is still in control overall. What do you think?
wargolynch
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Today and tomorrow is the SWELL Event
So firstly : sell the news
Then, we can draw a rising wedge with the recent uptrend. RSI and stochastic on 4h charts are clearly divergent as well.