What's up traders, I'm back with a brand new market insight on cryptocurrencies, today I'm on the 12h chart with XRP/BTC.
This is my first piece of analysis since my prediction back in April 2017 when I predicted the breakout from $0.03 (chart is shown below).
Ever since investing in Ripple in early 2017 I've always had a long term target of $1 based on the technical aspect of the asset and the fundamental background of the company.
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
(Since Ripple achieved a new all time high the asset has depreciated 85% and created a market low at 3450).
You can see the curve illustrated is similar to the one we previously experienced this year.
The present curve is acting as a resistance barrier which is keeping price from breaking out, as you can see we have formed a solid support trendline and price is now being squeezed between 4000 and 6000.
We need a lot of volume behind this move for it to be successful, I believe the SWELL conference can provide this if the result is positive.
To all of you who are not aware Ripple are holding the SWELL conference in Toronto over the next 3 days and this will impact the short term direction of Ripple, you can tune in to watch it live here: swell.ripple.com/
A lot of hype has been built up around this event but it was shortly buried as BTC stole the spotlight with a move to around $6,000.
I'll be sure to update this move as it progresses, I look forward to watching the live feed for SWELL and see how the market reacts, if the result is negative I still believe Ripple to be an excellent addition to anyones portfolio over the longer term.
Don't forget to leave a thumbs up and follow me for more analysis.
@adityadoodle9, yeah we're 5 hours ahead here in the UK.
Thanks for the up to date link, "pre order my lambo" hahaha
CheshireCat11
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@LewisGlasgow, you pulled out / bought more / waiting ?
LewisGlasgow
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@Nartaur, I'm no longer holding as of now, I don't see a reason to as price will stay low.
evoprimes
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Optimistic, to say the least.
unitednoobies
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@evoprimes, Not even close we will hit $1 by 2020.
tadammass
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Looks like the market did not like the news (It was weak). They want to hear about new banks coming on line and nothing else matters.
my .02
LewisGlasgow
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@tadammass, I agree, still interested to see what happens in the following 2 days of the conference.
yvofox
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@LewisGlasgow,
I bought quite a few 4 hours ago, of I look at the past and how new crypto is I'm sure it will only go up like all other main crypto's, and yes, pullbacks are normal.
I read on a news article that Bernanke said:
Echoing those past statements, Bernanke said, "bitcoin is meant to be an attempt to replace fiat currencies and evade government regulation and government intervention."
And that attempt, he contends, won't succeed because governments won't allow it. "When bitcoin becomes a threat they'll take whatever action" deemed necessary to quash it, he said.
I diasagree with that. More and more people are getting into BTC and once it's big enough it can't be stopped!
That's my opnion ;)
LewisGlasgow
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@yvofox, XRP won't go much lower than it is right now, that was the main reason for my post... It's a good area to hold long term in my opinion.
Streaming live link : youtube.com/watch?v=llikxJiSgGo
Start pre order my lambo right now