Ripple isn't looking so swell...
Updated
In the case of Swell and xRapid launch, this to me looks like a buy the rumor, sell the news type event as we also saw last year.
We might see a short term bounce before the eventual downturn plays out though.
Even with Bill Clinton as a keynote speaker, XRP didn't pump... *SHOCKER*
"I did not have encrypted relations with that currency." - Slick Willy at Ripple's Swell Conference.
CREDIT: CryptoDog
I base a lot of my trading off of the RSI indicator as I prefer to examine force (momentum) over trend.
Force shows us where the price action is dominating.
To determine which way it's going to go, you have to determine the most dominant time frame. (What are all the traders trading off of.)
On the daily chart, XRP currently has a very strong bearish divergence shown here, which I think will play out over the next 3-4 days.
On the VPVR, we have a strong support at the 7000 level and 8000 level.
On the 4 hour time frame however, we can clearly see two strong hidden bullish divergences.
On the first one, we saw a strong move upwards to break through the 8000 level.
So, short term we may see a small continuation upwards as the hidden divergence plays out to the upside. We may see it retest the 9400 level before forming a double top and falling back down and seeing the daily bearish divergence play out.
If you do take this trade, I would set your stop loss under 8000 as that is where the strongest support is on the VPVR.
As a long trade, this doesn't have a great R:R for me (risk/reward), so it's not something I plan on trading myself, but I do plan on trading the short if we see the 4 hour turn bearish and break the current support trendline.
Good luck!
We might see a short term bounce before the eventual downturn plays out though.
Even with Bill Clinton as a keynote speaker, XRP didn't pump... *SHOCKER*
"I did not have encrypted relations with that currency." - Slick Willy at Ripple's Swell Conference.
CREDIT: CryptoDog
I base a lot of my trading off of the RSI indicator as I prefer to examine force (momentum) over trend.
Force shows us where the price action is dominating.
To determine which way it's going to go, you have to determine the most dominant time frame. (What are all the traders trading off of.)
On the daily chart, XRP currently has a very strong bearish divergence shown here, which I think will play out over the next 3-4 days.
On the VPVR, we have a strong support at the 7000 level and 8000 level.
On the 4 hour time frame however, we can clearly see two strong hidden bullish divergences.
On the first one, we saw a strong move upwards to break through the 8000 level.
So, short term we may see a small continuation upwards as the hidden divergence plays out to the upside. We may see it retest the 9400 level before forming a double top and falling back down and seeing the daily bearish divergence play out.
If you do take this trade, I would set your stop loss under 8000 as that is where the strongest support is on the VPVR.
As a long trade, this doesn't have a great R:R for me (risk/reward), so it's not something I plan on trading myself, but I do plan on trading the short if we see the 4 hour turn bearish and break the current support trendline.
Good luck!
Note
Fantastic trade if you used any sort of leverage.We are close to our target, but you can move your stop up to big profits if you joined the trade with me.
Well done.
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