Triple Top Forming for XRP - twitter bullish though?
Updated
Theres some tweets circulating around about xrp regarding smart contracts - I have not yet read into it but one of my key goals is to compare twitter to actuals and so I'm starting this one off thin and will update as I understand more. in the short term Im holding off on any entry into XRP. I suspect we will be testing the support line in the next day or so indicated by d.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
From what I can tell, XRP has entered a double or triple top channel - we're only half way into it potentially (and it may even close off as a double top) but what I find interesting about ripple is that near on all of its movement has been driven by twitter; some common tweets which get a lot of engagement are "ripple to $2000 this year?" (notably the tweeter or those liking and sharing the tweet don't understand market cap and therefore the impossible nature of such a hike). It seems to create euphoric "alphas" on the coin and well... euphoria is euphoric.
Currently people are bullish on twitter because
- likely going to win a court case against the SEC - this is floating euphoria
- XRP Army very influential on ripple with a large and maximalist style following
- competitor to ADA, XRP army loves to "sh*t on ADA" - they're treated like rivals - but frankly the networks are not similar at all - but competition breads fandom
- a lot of media attention
intotheblock doesn't feature XRP due to is speculative nature so unfortunately I cannot share any detail from there. In the immediate term, it'll be interesting to watch and see what happens with XRP in its current form - one thing is for sure, twitter is a little over-excited; the end of the SEC trial isn't due for completion until December.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
From what I can tell, XRP has entered a double or triple top channel - we're only half way into it potentially (and it may even close off as a double top) but what I find interesting about ripple is that near on all of its movement has been driven by twitter; some common tweets which get a lot of engagement are "ripple to $2000 this year?" (notably the tweeter or those liking and sharing the tweet don't understand market cap and therefore the impossible nature of such a hike). It seems to create euphoric "alphas" on the coin and well... euphoria is euphoric.
Currently people are bullish on twitter because
- likely going to win a court case against the SEC - this is floating euphoria
- XRP Army very influential on ripple with a large and maximalist style following
- competitor to ADA, XRP army loves to "sh*t on ADA" - they're treated like rivals - but frankly the networks are not similar at all - but competition breads fandom
- a lot of media attention
intotheblock doesn't feature XRP due to is speculative nature so unfortunately I cannot share any detail from there. In the immediate term, it'll be interesting to watch and see what happens with XRP in its current form - one thing is for sure, twitter is a little over-excited; the end of the SEC trial isn't due for completion until December.
Note
XRP seems to be holding to the triple top pattern but only just, there's a strange rally occuring with BTC and ETH which I think is an exhaustive push that may reverse, will keep watching to see what happensNote
triple top seems unlikely, maybe worth watching out for 9MA crossing over the 50MA leading to a move down - i think that'll be a key indicator to watch currently. the fact that XRP hasn't reacted to the recent BTC/ETH price pump suggests a very bearish outlook on the coin currently.
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