RudRish
Long

Houston! we are ready to decouple from BTC station.. Countdown!

BITFINEX:XRPUSD   XRP / U.S. Dollar
Back again with the weekly - part 5 of the same 1D chart outlook (with a slight micro view this time), as you can see from the chart the triangles have held and so has XRP despite the FUD and the lawsuits - but then again, its expected and people will always find a way to create FUD.

What XRP is doing by launching XRP based exchanges through clients is ensuring there is a bagful of XRP in the market that they are targeting for Xrapid and Xvia, the institutions can purchase from the exchange or from Ripple directly as per the 1 Billion/ month ESCROW pact.

18th July and 25th July, two dates with two big exchanges going on line with the fiat to XRP option, not saying that there arent any existing already.. but the sheer client base available to these exchanges catalyses the whole decoupling process. The Key is the volume , and thats what these exchanges will bring to XRP (thats why Coinbase WAS important).

From a technical point of view, The 0.49 to 0.51 level is key in my opinion as its the convergence of several parameters such as the top channel of the 2017 trendline , the EMA , the previous key support turned into a strong resistance etc.. I expect a rise this week and hitting the 0.51 mark followed by a quick test of the 0.475 level to ensure it can still be trusted as a key support. Once the 0.475 levels confirm their loyalty, expect a quick rebound past the 0.51 key resistance taking us to the 0.69-.71 range by the end of July - another key resistance range. I do not expect the 0.69-0.71 range to hold for more than a couple of days, post which we should see us trying to breach the psychological barrier of the ONE DOLLAR mark by mid August.

My opinion is that we are close and that this month and the next (August) are crucial for XRP, but feel free to advise me if your research says otherwise. These are just opinions and not to be taken as trading advice under any circumstances. Good luck.

Comments

How can you know the resistance of your second triangle will be broken at this point ?
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RudRish Canardator11
@Canardator11, Hi, the resistance is not just the triangle but the upper trendline of the past trend channel pre Dec 17 + your EMA etc, its a very strong resistance belt (0.49 to 0.51) but the expectation is that the movement will coincide with the opening of two new exchanges which are expected to increase the trading volume of XRP - with increase in volume, I expect XRP to start climbing as it moves away from BTC - not an overnight process by any means.. but the climb will be steadier and the fall will be milder.
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Drawing a triangle on a chart is not a fundamentally sound TA.
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