Let’s dive into it, before it’s too late!
We are currently sitting on 744+ Strong support line in form of a seen below.
Why is this support significant?
Mostly because of the immense accumulation that we have been observing over last 2 Years. Even though to some it won’t appear as accumulation during the times we had run ups from $0.20 to $2.50 and above, on the grander scale it will soon appear as just a minor uptrend.
Let’s quickly get back to XRP / USD chart again, but this time also take a look at accumulation period from 2014–2017
As seen here, we are observing near exact movement as was seen back in 2014–2017 pre major bull run-up. What are the similarities? We have similar ‘accumulation’ movement making newer Higher Lows, we have a long term which is active as a very strong support for both patterns, we also see similar formation of ‘symmetrical triangular’ pattern and breakout.
I’m also keen on pointing out that back from 2014 towards early 2017 we’ve observed similar pattern where we had an exceptionally long support line and accumulation followed by over 80,000% uptrend from support line.
Finally in order to visualize it a bit better and understand the need for higher value per XRP, think about it this way…
Price per XRP as of time that I’m making this chart is $0.37
In order for a financial institution to transact $1,000,000 today, it would need to free up and have 2,700,000 XRP available just for that one transaction
At $1/XRP that same institution would need 1,000,000 XRP
At $10/XRP that same institution would need 100,000 XRP
At $100/XRP that same institution would need 10,000 XRP
At $1000/XRP that same institution would need 1,000 XRP
And that’s just the payments side we’re talking about, if you’d knew what was on the horizon, you’d be truly shocked and pleasantly surprised!
Here are some my prior XRP and BTC analysis you can look through
BTC/USD TA -
BTC/USD TA - Timing Next Bull Run
BTC/USD TA - Bull Run Begins
(This statement was made at the Swiss National Banking Conference while sitting right next to the CEO of Ripple, Brad Garlinghouse)