This is an update to my last idea showing new formations while keeping the same structure which has proven valid.
Note
XRP has entered the stoploss zone but keep a close eye on the XRP/BTC pairing. If it pumps while BTC drops it would be wise not to sell off any XRP.Note
It's important to note that while XRP is in the stoploss zone that doesn't mean to sell in the zone necessarily. BTC is forming the head of a H&S formation and when it comes up to form the right shoulder, that would be the ideal time to exit XRP (if one were so inclined as I believe XRP has yet to equalize with the alt market). In order for XRP to reach the reentry zone, BTC would have to be trading under $7,000 which may not happen for months. In the meantime, XRP should have an opportunity to retest the 50MA and bottom trend line of the yellow ascending triangle. It's also possible (and my belief) that XRP will pump while BTC drops over the coming months which is why it's important to monitor the XRP/BTC pairing very carefully.Note
*which may not happen for WEEKS (not months, I was looking at a different chart)Note
There's rumors that XRP has acquired MoneyGram. If true, that would provide a spark to substantiate the strong technical signals XRP is showing.Note
XRP/BTC has broken above a symmetrical triangle, more upward movement to follow.Note
For no reason at all XRP/BTC pairing just took a piss even though BTC is pretty stagnant. Monday AM for Asian markets is in 8 hours and if they decide to dump BTC then XRP will likely be trading in the reentry zone unless the XRP/BTC drop was a short squeeze.Note
I'd also like to add that the price action in the last 30 minutes just destroyed any resemblance of an ascending triangle and this trading pattern mirrors the 9/19/18 rally. If it plays out the same way, it would also lead to the reentry zone.Note
BTC didn't dump over the weekend and in fact reversed setting up XRP/USD in a descending wedge:Note
Note
Note
This is from my most recent BTC chart. If BTC reverses at the 50MA & upper trend line it'll form the right shoulder which would obviously send alts down. XRP/BTC broke below the symmetrical triangle and has room to fall so from a technical standpoint I'd expect XRP to drop before it goes higher.Note
Ripple has a stake in MoneyGram and is now their strategic partner.ripple.com/insights/ripple-announces-strategic-partnership-with-money-transfer-giant-moneygram/
fortune.com/2019/06/17/ripple-moneygram-xrp/
wsj.com/articles/ripple-to-invest-up-to-50-million-in-moneygram-11560803556
finance.yahoo.com/news/moneygram-announces-strategic-partnership-ripple-203100245.html
Note
Ripple welcomes South Korean exchange Coinone into Ripple Netourbitcoinnews.com/xrp-ripple-welcomes-big-four-south-korean-exchange-coinone-into-ripple-net/
If it's not obvious, disregard the short term sell zones. Any other crap token would have 10x-ed at any of this news. XRP should go parabolic over this as this is real world usage by a publicly traded company that will be using xRapid which requires XRP to settle.
Note
XRP shoulda/coulda and ultimately didn't. The Moneygram news did nothing to push the price up and if it didn't move then, it's not going to move now. Another lesson in trading off of technical data vs. hype/news. I would modify the reentry zone to start around $0.36. It's tough to make USD calls because when BTC drops, we don't know how the XRP/BTC pairing will react.I still believe XRP is long overdue for a double up so keep a close watch on price action. It could happen at anytime without giving off any clear buy signals.
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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.