This wedge we're looking at spans over a year, 518 days. Since May 2018, price has been consolidating.
Yellow lines = 4H levels Red lines = daily levels Purple line = weekly level
Now in May 2019 we see that aggressive spike up and test of the top of the wedge multiple, multiple times. Actually broke out of the wedge, then moved back in a day later. It dropped 13% in a day.
With all the recent news on XRP going through US congress and banking the unbanked in India and Southeast Asia, there is no reason for the price to be this low.
The Ripple Team sells the XRP tokens over the counter to suppress the price; Sold 251M XRP in Q2.
Even with all the retail investors alone accumulating XRP, it makes no sense to still be trading at a stalemate $0.30 range.
We are due for a breakout before October, XRP has been holding its wedge to a T. Until then, we should just see more price consolidation as we gain more momentum for the next explosive move upward. The market has bottomed out, confirmation being the quick touch and go on the weekly level.
When XRP breaks this wedge, price will sky rocket...
@kyer, Head and shoulders incoming down to ~20 cents before shooting straight up.
I call this the shake out "Hitting low stop losses" before moving upwards.
kyer
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@carsonfortson15, I’m not too sure about that, more than positive we’ve bottomed out at .28 weekly. I’ll analyze this move down on XRP today
CapitulationCalls
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@kyer, this is speculative but the markets are manipulated more than ever, remember that.