Observations:
XRP/BTC was in a downtrend for some time, spent about 2 months in what looks like accumulation, broke out of that on high buying (that was very much a whale move disguised under the pretext of a ‘buy the rumour sell the news’ event) and is now trading in a range that mirrors the swing highs and lows of the original downtrend.
Wild speculations:
+ While Ripple is always impacted by , it does look like a chart that has ended it’s bear market and is consolidating before a big move. It will most likely range for some time before deciding on a direction. Shorting or longing the top or bottom of this range would probably give you good profits, much like a Forex chart.
+ Ripple could surprise us by showing moves even in the midst of bitcoin [BTC]’s continued macro downtrend. There’s enough hype around it as a rival to that I can imagine whales could manipulate the price to suck in more retail money on independent moves from (this is not based on the chart but merely my own bias and interpretation).
+ It would be interesting to compare this XRP chart with bitcoin [BTC]’s ultimate trajectory. I wonder if alts such as this are a leading indicator of where will ultimately move. If so, it would indicate we’ll see more drawdown in before it starts ranging in a region of 83%-85%. If we had a 2000 bottom for , that would create a range of 2000-3700. Or 3000-5500. This seems like a fair bet for 2019-2020.
Chart analysed: XRP/BTC Daily
Indicators: , ,
Published at Thu, 17 Jan 2019 10:59:22 +0000
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