XRP Approaching Decision Point
XRP has been working in a Channel and Triangular formation all week. Early week volume was pulling it down a lot before the bulls bounced it back toward the channel top. As volume decreases with flare drop, XRP moves more side ways. This presents two possibilities.
#1 XRP in the absence of more downward pressure may break out (40%) and move up into the ..60-.63 Range Possibly before flare drop. This would break it out of the current channel, and volatility may increase when this happens.
#2 XRP may have hurried last minute buyers before flare drop, push the market price up above the channel, perhaps only to around .59 or a spike upward, but it likely won't hold their long term and will begin a quick sell off due to the psychological barrier of .60 and once Flare drop is over, incentive to hold long term will be removed, and some who bought just to get Spark will want to take proffits. (60%) chance we see a new downward channel correction. However, this could be good for long term investors, because this is where it might finally drop down into .45 cent range to allow people to grow their stakes.
It is difficult to predict beyond this without knowing how the flare drop is received, and its impact on XRP post scan. A lot of people think XRP will drop down again. We shall see.
-Thanks to all you awesome investors who share ideas and help us grow a community of knowledgeable traders, I couldn't have imagined enjoying analysis like this ten years ago the way I do now.
#1 XRP in the absence of more downward pressure may break out (40%) and move up into the ..60-.63 Range Possibly before flare drop. This would break it out of the current channel, and volatility may increase when this happens.
#2 XRP may have hurried last minute buyers before flare drop, push the market price up above the channel, perhaps only to around .59 or a spike upward, but it likely won't hold their long term and will begin a quick sell off due to the psychological barrier of .60 and once Flare drop is over, incentive to hold long term will be removed, and some who bought just to get Spark will want to take proffits. (60%) chance we see a new downward channel correction. However, this could be good for long term investors, because this is where it might finally drop down into .45 cent range to allow people to grow their stakes.
It is difficult to predict beyond this without knowing how the flare drop is received, and its impact on XRP post scan. A lot of people think XRP will drop down again. We shall see.
-Thanks to all you awesome investors who share ideas and help us grow a community of knowledgeable traders, I couldn't have imagined enjoying analysis like this ten years ago the way I do now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.