XRPUSD READY TO EXPLODE - DESCENDING TRIANGLE FORMATION (ON 1W)
NOTE: This is just analysis/advice, DO NOT FOLLOW this trade blindly - I take no responsibility for it...
Looking at XRPUSD on the weekly chart, a descending triangle can be identified.
This could possibly mean a breakout for XRP to the upside for the short term however this is not confirmed. I do believe there could be a short term breakout as price has begun during the past few weeks to be stuck in a sort of consolidation zone around $0.30000. I think therefore, there should be a strong move to the upside for a week, such as the candlesticks circled in purple. This is ideally down to XRPUSD currently being stuck in a range.
I do believe however this breakout does not mean XRP is about to rally all the way up as in the long term, I think there is still some more space to reach the downside for XRPUSD. In this market, there are currently too many cryptocurrency moonboys who think a small breakout that may be identified means a rally, just so they can buy their Lamborghini, from a few hundred pounds as an initial investment to a few hundred thousand pounds. THIS IS NOT THE CASE. I think the moment this market starts to be full of serious investors who realise XRP's potential, then only will it really start to skyrocket, which may take a few years. XRP has the potential over other virtual currencies for many reasons including: (copied and pasted from various articles)
- Ripple’s blockchain technology by many large banks and payment companies.
- The very first difference between XRP and other cryptocurrencies is the speed of transactions. XRP beats all other cryptocurrencies in processing cross border transactions. Due to mining process in other cryptocurrencies, the transactions take longer times to complete. In Ripple, a cross border transaction completes in just three to four seconds.
- XRP is also superior to other cryptocurrencies because it is not created by the users through mining process. Instead, the company itself has created 100 Billion XRP coins.
- Investing in XRP is also beneficial because it is works on a decentralized blockchain network.
- Ripple offers more security as the company can track any sort of information in its network. The other cryptocurrencies do not offer this information tracking. These can only track the inflow or outflow of coins while Ripple can track even the account balance of the users.
- Ripple (XRP) has been waiting for NASDAQ to come through. The National Association of Securities Dealers Quotation Exchange (NASDAQ) is a platform that the coin hopes to hitch a ride with.
- It is a known-fact that Ripple’s (XRP) underlying technology is making international transactions faster.
- Bitcoin’s (BTC) stake in the market is under threat. This became intense after Ethereum (ETH) was let off the second spot.
- At the moment, over 100 banks have become Ripple investors and initialized the process of XRP integration. Those include:
--->Cambridge Global Payments
--->Star One Credit Union
--->BBVA
--->SEB
--->SBI Remit
--->eZforex
I think that if XRPUSD does breakout, then we should be able to see a spike to the upside.
Targets for this trade are as follows:
TP1: 0.32800 (minor breakout - once this is hit, there could be a reversal to the downside, but I think we could see this coin spike slightly further)
TP2: 0.38000 (I hope this target is hit!)
TP3: 0.46400 (UNLIKELY THOUGH - fingers crossed it may happen!)
- On the weekly chart, RSI does not indicate that this pair is overbought or oversold, so there is also potential for a slight upside move!
- Looking at the 6 & 20 day simple moving averages, there is also some potential for one line to take the other over and intersect, as currently this pair has been bearish. (ie. blue line overtakes red line)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Looking at XRPUSD on the weekly chart, a descending triangle can be identified.
This could possibly mean a breakout for XRP to the upside for the short term however this is not confirmed. I do believe there could be a short term breakout as price has begun during the past few weeks to be stuck in a sort of consolidation zone around $0.30000. I think therefore, there should be a strong move to the upside for a week, such as the candlesticks circled in purple. This is ideally down to XRPUSD currently being stuck in a range.
I do believe however this breakout does not mean XRP is about to rally all the way up as in the long term, I think there is still some more space to reach the downside for XRPUSD. In this market, there are currently too many cryptocurrency moonboys who think a small breakout that may be identified means a rally, just so they can buy their Lamborghini, from a few hundred pounds as an initial investment to a few hundred thousand pounds. THIS IS NOT THE CASE. I think the moment this market starts to be full of serious investors who realise XRP's potential, then only will it really start to skyrocket, which may take a few years. XRP has the potential over other virtual currencies for many reasons including: (copied and pasted from various articles)
- Ripple’s blockchain technology by many large banks and payment companies.
- The very first difference between XRP and other cryptocurrencies is the speed of transactions. XRP beats all other cryptocurrencies in processing cross border transactions. Due to mining process in other cryptocurrencies, the transactions take longer times to complete. In Ripple, a cross border transaction completes in just three to four seconds.
- XRP is also superior to other cryptocurrencies because it is not created by the users through mining process. Instead, the company itself has created 100 Billion XRP coins.
- Investing in XRP is also beneficial because it is works on a decentralized blockchain network.
- Ripple offers more security as the company can track any sort of information in its network. The other cryptocurrencies do not offer this information tracking. These can only track the inflow or outflow of coins while Ripple can track even the account balance of the users.
- Ripple (XRP) has been waiting for NASDAQ to come through. The National Association of Securities Dealers Quotation Exchange (NASDAQ) is a platform that the coin hopes to hitch a ride with.
- It is a known-fact that Ripple’s (XRP) underlying technology is making international transactions faster.
- Bitcoin’s (BTC) stake in the market is under threat. This became intense after Ethereum (ETH) was let off the second spot.
- At the moment, over 100 banks have become Ripple investors and initialized the process of XRP integration. Those include:
--->Cambridge Global Payments
--->Star One Credit Union
--->BBVA
--->SEB
--->SBI Remit
--->eZforex
I think that if XRPUSD does breakout, then we should be able to see a spike to the upside.
Targets for this trade are as follows:
TP1: 0.32800 (minor breakout - once this is hit, there could be a reversal to the downside, but I think we could see this coin spike slightly further)
TP2: 0.38000 (I hope this target is hit!)
TP3: 0.46400 (UNLIKELY THOUGH - fingers crossed it may happen!)
- On the weekly chart, RSI does not indicate that this pair is overbought or oversold, so there is also potential for a slight upside move!
- Looking at the 6 & 20 day simple moving averages, there is also some potential for one line to take the other over and intersect, as currently this pair has been bearish. (ie. blue line overtakes red line)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Comment:
Looking at this trade now, I think there is also however some potential for this pair to melt down if it breaks out to the downside. Please be aware of this! Depends which way the candlestick consolidates!
Comment:
Target 1 hit! Patience pays off for waiting for this trade to play out!!
