BITSTAMP:XRPUSD   Ripple / Dollar
Six hours ago, when Ripple was trading at $2.37, I posted this:

"This is a red flag warning for XRP. On the MACD , we can see that sell side momentum is increasing, making further downside likely. Support lies at the 38.2% retrace, right around $2.13."

What happened since then? Ripple fell as low as $1.90, piercing straight through my downside projection of $2.13. However, the buyers were quick to buy the dip, as you can see by the "Bullish Accumulation" on the selloff candle. Technically, XRP is now in a downtrend. Since the all time high, it has made a succession of lower highs and lower lows, and it has formed a downtrend parallel channel . Additionally, we can see that Ripple is hanging on for dear life above the 50 EMA (in orange,) and the MACD is showing steady sell-side momentum. Looking at the volume indicator, we can see big tall red volume bars, and little short green bars — so big money sellers, and small money buyers. Obviously, the overall picture has turned short term bearish for XRP. Now, the bulls need to get above the descending parallel channel , and take out the "Previous High," to negate the downtrend. Another rejection at the top of the descending parallel channel could be disastrous for XRP.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
You are the best on here IMHO. Thanks.
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@holocent, Favorite comment ^^^ =D
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I personally dont mind losing money by selling when market is not clear. I got out when it was 2.99 bought back at 2.6, sold 2.45.

I think I will wait for the parallel channel like you pointed out to see where it should take us.

Thanks
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so anyone holding XRP should release their positions?
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MagicPoopCannon BrandonDeering
@BrandonDeering, Unfortunately, I cannot give information on when to buy or sell. It is possible that XRP could collapse to zero, and it is also possible that XRP could rally to ten dollars. As an investor, it is always wise to have a price target and an exit plan. Such targets and exit strategies vary from investor to investor, based on their personal risk appetite, available capital, and investment time-frame. Given the extreme volatility and uncertainty of the crypto markets, it's probably a good idea to only invest as much as you are willing to lose. For educational purposes only, if you are a day trader of XRP, it would probably be wise to reduce your position, if the top of the parallel channel is rejected again. I hope this helps.
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afreet77 MagicPoopCannon
@MagicPoopCannon, I like Mr POOP but if xrp reach ten will exit crypto world forever
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@afreet77, LOL anything is possible. There is over $150 Trillion dollars in global forex. If cryptocurrencies replace fiat monetary systems, and if Ripple was the beneficiary of a large percentage of that, Ripple could have a multi-trillion dollar market cap. I realize that such speculation sounds highly unlikely, and it may be, but it is definitely possible. An event such as that would make XRP worth hundreds of dollars.
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Investor123 MagicPoopCannon
@MagicPoopCannon, What causes Ethereum to be comfortably over a thousand dollars and Ripple to only ever hope to be in the hundreds? Is it simply when they become popular, i.e. one beats the other to market share, or are there reasons fundamental to their design? I'm guessing the answer might be some of both but would like to understand this better!
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