XRP bullish falling wedge? 1D chart!
Updated
I'll give technical and fundamental analysis.
Technical Analysis= In general XRP seems to be creating a falling wedge or one could say is winding up for a large move (generally falling wedges are bullish). The 21 EMA has crossed above the 50 and 100 EMAs, and is currently pulling back to possibly test/bounce upon the 100EMA which would be bullish. If the 21 EMA crosses under again this could negate the bullish sentiment. Though we also see our MACD starting to indicate selling pressure subsiding and the RSI could make a higher low. Lastly the volume from Sep 2018 also supports the falling wedge theory as we can see that it seems to be creating lower highs with the volume spikes. All of this seems to show possible posturing for a bullish break out from the falling wedge.
Geopolitical & Fundamental Analysis- China let the world know that they have a cryptocurrency, and there is so much more I could say about this fact, but to keep things simple I won't. I imagine that the western world would not be far behind in this crypto race. I believe one major reason the governments are interested in crypto is because the central banks/ banks of the world are having liquidity and earning issues. With the 2019 Swell conference coming up for Ripple and it's crypto "XRP", we could possibly see an announcement of larger banks joining the frey, especially since money gram will probably showcase the great utility for XRP through their earnings. Total speculation but what if the large bank BoA starts using XRP or joins in some type of partnership, they have recently had "technical issues" as reported by Forbes recently. Is this BoA updating their system? Why short the banks when they run the world, western banks are having liquidity problems and the FED is bailing them out, it might just be about the right time for the banks to start looking at other options to help secure liquidity.
Thoughts?
Technical Analysis= In general XRP seems to be creating a falling wedge or one could say is winding up for a large move (generally falling wedges are bullish). The 21 EMA has crossed above the 50 and 100 EMAs, and is currently pulling back to possibly test/bounce upon the 100EMA which would be bullish. If the 21 EMA crosses under again this could negate the bullish sentiment. Though we also see our MACD starting to indicate selling pressure subsiding and the RSI could make a higher low. Lastly the volume from Sep 2018 also supports the falling wedge theory as we can see that it seems to be creating lower highs with the volume spikes. All of this seems to show possible posturing for a bullish break out from the falling wedge.
Geopolitical & Fundamental Analysis- China let the world know that they have a cryptocurrency, and there is so much more I could say about this fact, but to keep things simple I won't. I imagine that the western world would not be far behind in this crypto race. I believe one major reason the governments are interested in crypto is because the central banks/ banks of the world are having liquidity and earning issues. With the 2019 Swell conference coming up for Ripple and it's crypto "XRP", we could possibly see an announcement of larger banks joining the frey, especially since money gram will probably showcase the great utility for XRP through their earnings. Total speculation but what if the large bank BoA starts using XRP or joins in some type of partnership, they have recently had "technical issues" as reported by Forbes recently. Is this BoA updating their system? Why short the banks when they run the world, western banks are having liquidity problems and the FED is bailing them out, it might just be about the right time for the banks to start looking at other options to help secure liquidity.
Thoughts?
Trade active
Still tracking XRP and the trade is still open.Trade active
We are currently sitting on strong support from 2014/2015/2017 if this is broken then we will probably hit 1505 sat area. The chart does not look that great but the fundamentals are still decent. One of the most interesting charts in crypto right now.Still tracking this trade if we break this support a short could be interesting. Not going long until a breakout is achieved.
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