Hello Friends,
I was asked to take a look at XRP and see what I think. As requested (thankfully), I had put a coat of gaze on it and come up with a brand new look.
XRP has been taking a beating as of late. Hope of a bounce long forgotten but when all hope is lost, that is when the quote by "Sir John Templeton" comes into play; "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." - Now the question remains. Ask yourself objectively without the hint of a biased attitude steeped in FOMO (GREED). What are others thinking, feeling seeing as of late. What is the general sentiment with this crypto coin? If you can come up with a good answer, then your decision remains strong in what you desire to do here in this space. In general, going the opposite direction of the herd (TA masters, analysts, crowd and ME :P) seems to be the way of the bull. Remember Arsenio Hall? "things that make you go hmmm"?
Looking at the weekly chart I see potential in the making. The reason here is simply the formation of a hammer candle forming this day at a near all time low of late (XRP/USDT). The RSI is oversold and the MACD has been on an incline since August, indicating a bullish breakout. So we have 3 solid signals, I will add a few more...the TD sequential has ended it's sequence of recording lows of late , reading a completion of a red marked 9 on January 19th and is in process of signalling a reversal. The volume is strickenly at a all time low (pessimism) indicating a calm before the storm or should I say breakout? Lastly and indicative of, support and resistance has a large gap between the highs and lows. We are approaching the August low of .24 and are currently at .28. What all the signals tell me is that, we are about to bounce upwards and not in a small fashion but in a 3X fashion or more. Seeing this is causing me a moment to pause and change my strategy towards other alt coins to jump on the potential of this coffers band wagon. Although I would like to see how well we fare by the end of this week before I commit (bullish engulfment). Yet if we do hit the low support of .24, even now is a good time to buy given the indicators. Lastely of lastely, I had not mentioned EMA but shall add that EMA is trading below the 50 day and has a large gap between the 100 and 200 EMA. Last time we were here, we had a breakout.
So now what? You had read the blah blah blah but wonder what to do? Well I would say that we know that XRP is here to stay. I would also add that XRP and any other crypto-sept a few-move along the lines of BTC. You decide where BTC goes. For me, I see one more low ($2400.00) with BTC. This to me will be the mark of the bottom and the beginning of a new trend to higher highs. This will prolly bring XRP down to the .24 or lower (not much difference hey?), marking it's bottom. Buying in now or later prolly doesn't matter if you HODL. In the end you will profit largely (if you believe in the tech.) Yet remember to set your stop losses (bullish trend) just a little lower then the previous lows (or buy ins...my pref.) of the day or what chart you trade in. Short as you believe where it turns. Yet if it bounces, be careful not to cut self short.
When do I think this will happen? Well, good question. My last TA with XRP was
to hit .28 from.36 in 2 days. It took a month. So now I would have to conclude that this could also take a month or less. Heavy on the less...2 weeks at best.
Until then, the trend is your friend. Buying on the dip and selling on the hype.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
I was asked to take a look at XRP and see what I think. As requested (thankfully), I had put a coat of gaze on it and come up with a brand new look.
XRP has been taking a beating as of late. Hope of a bounce long forgotten but when all hope is lost, that is when the quote by "Sir John Templeton" comes into play; "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." - Now the question remains. Ask yourself objectively without the hint of a biased attitude steeped in FOMO (GREED). What are others thinking, feeling seeing as of late. What is the general sentiment with this crypto coin? If you can come up with a good answer, then your decision remains strong in what you desire to do here in this space. In general, going the opposite direction of the herd (TA masters, analysts, crowd and ME :P) seems to be the way of the bull. Remember Arsenio Hall? "things that make you go hmmm"?
Looking at the weekly chart I see potential in the making. The reason here is simply the formation of a hammer candle forming this day at a near all time low of late (XRP/USDT). The RSI is oversold and the MACD has been on an incline since August, indicating a bullish breakout. So we have 3 solid signals, I will add a few more...the TD sequential has ended it's sequence of recording lows of late , reading a completion of a red marked 9 on January 19th and is in process of signalling a reversal. The volume is strickenly at a all time low (pessimism) indicating a calm before the storm or should I say breakout? Lastly and indicative of, support and resistance has a large gap between the highs and lows. We are approaching the August low of .24 and are currently at .28. What all the signals tell me is that, we are about to bounce upwards and not in a small fashion but in a 3X fashion or more. Seeing this is causing me a moment to pause and change my strategy towards other alt coins to jump on the potential of this coffers band wagon. Although I would like to see how well we fare by the end of this week before I commit (bullish engulfment). Yet if we do hit the low support of .24, even now is a good time to buy given the indicators. Lastely of lastely, I had not mentioned EMA but shall add that EMA is trading below the 50 day and has a large gap between the 100 and 200 EMA. Last time we were here, we had a breakout.
So now what? You had read the blah blah blah but wonder what to do? Well I would say that we know that XRP is here to stay. I would also add that XRP and any other crypto-sept a few-move along the lines of BTC. You decide where BTC goes. For me, I see one more low ($2400.00) with BTC. This to me will be the mark of the bottom and the beginning of a new trend to higher highs. This will prolly bring XRP down to the .24 or lower (not much difference hey?), marking it's bottom. Buying in now or later prolly doesn't matter if you HODL. In the end you will profit largely (if you believe in the tech.) Yet remember to set your stop losses (bullish trend) just a little lower then the previous lows (or buy ins...my pref.) of the day or what chart you trade in. Short as you believe where it turns. Yet if it bounces, be careful not to cut self short.
When do I think this will happen? Well, good question. My last TA with XRP was
Until then, the trend is your friend. Buying on the dip and selling on the hype.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!