Now, feel free to hit like/thumbs up and let's get started.
We will be looking at Ripple vs Tether ( XRPUSDT ) on two different time frames, daily and weekly, and we start with the .
I was asked to look at Binance but the Bittrex chart has more data so we will be using this one, they are basically the same.
- XRPUSDT Hit a low on the 14th August 2018. This happened for many altcoins, hitting a low on the 14th August 2018 but Ripple is different, after this low most altcoins went ahead and hit new lows on September and then November, while Ripple gained strength and started producing higher lows. So far the 14th August 2018 low is the bottom after the 2017/18 cryptocurrency market bull run.
- In September 2018, XRPUSDT had a strong run and grew by 210%. A strong correction followed and XRP moved within a symmetrical triangle until recently. On the 25th February, XRPUSDT managed to break out of this triangle passively but hasn't done any new strong wave up.
(In a recent article, looking at Ripple on BitMEX, I mentioned that I believe it will make a strong move in a matter of weeks. Looking at XRP closer, I am getting the same feeling... Let's continue with the analysis).
- After breaking this triangle, XRPUSDT has been with EMA100 rejecting its growth twice. Jumping ahead, EMA100 (blue line) is the resistance to break for any significant move up.
- We have the leaning to the side and the neutral with tendencies.
- Now trading below EMA10 and EMA50, XRPBTC can breakdown before making a move up. The green and red arrows represent two of the most likely scenarios that can come to reality in a matter of weeks or a few months, but not much longer.
Before we continue with the weekly time frame, let's have a look at the daily zoomed out:
- Here we can clearly see that Ripple ( XRPUSDT ) wants to keep on growing long term. The bears have no more strength, they have no , so the strong wave is most likely to happen to the upside, after 1.4 years of a bear run.
- A breakdown can lead to test lower support levels, marked on the chart, but these scenarios are very unlikely and would still end up with a strong bounce up.
- Remmeber the like button... :D
As for the weekly time frame... I don't think it is necessary. Ripple ( XRPUSDT ) has lots of potential long term and the consolidation/accumulation phase is almost over.
We need to look for a close above EMA10, once that happens we start to look at the potential. While XRPUSDT remains trading below it, the potential remains on the side.
Here is the chart:
Ripple is normally stronger when Bitcoin is weak. So if you see Bitcoin gaining strength, you can expect XRP to become weak. When Bitcoin becomes weaker, XRP becomes stronger, this is more pronounced on the short term view.
When the entire market goes on bull mode, then forget about the above and everything just grows.
Feel free to leave a comment if you have any questions or enjoyed this post.
This is Alan Masters.
Thanks a lot for reading and your continued support.