XRP Exciting Short Term Pump or A blip?
Updated
Lots of people in Telegram talking about BTC breaking ATH of 20k USD. XRP following with a big pump as well up to around .504 as I write this. It is a pretty big movement from its low last night. It does look bullish, however, earlier this week and last I identified a downward channel of traffic that has kept an upper bound on XRP, (Even though it briefly broke below it and came back inside). The investor should be cautious on buying during this pump, as it could correct back down to toward the lower end of the channel again. (Those who do buy, may find themselves waiting to sell them back if it drops again suddenly) It bouncing up is positive news, but, let's be honest, its barely half way up in the Channel, and volume will play a role in whether it can break through the channel top and establish a new trend, or retest resistance and return to retest the bottom of the Channel.
Long term the wave of the price action, could indicate increased volatitlity, eventually bouncing of an earlier support to begin to break out of this channel to establish a new pattern, perhaps later this week.
Long term the wave of the price action, could indicate increased volatitlity, eventually bouncing of an earlier support to begin to break out of this channel to establish a new pattern, perhaps later this week.
Comment
So far it looks to have hit resistance at around 53 cents. Still well within the downward channel. may go sideways for a bit.
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