My long overdue XRP analysis is finally done! I back up my analysis with some techincal factors and fundamanetals as well.
Announced on October 2018, all companies in the G7 group of 37 countries will be subject to new regulations by the FAFT (Financial Action Task Force). FAFT is Paris-based organization responsible for regulating and enforcing the rules coming in 2019. FAFT plans to have the new standards in order by June 2019.
Companies and institutions such as Santander Bank, IBM, Maersk, Intercontinental Exchange, and countless others have caught on to how digital tokens can grow their bottom line, with superior and more cost-effective transparency, transactions and new functionality that improves relationships with customers.
Looking back at the downtrend of 2018, years worth of red bearish candlesticks, we seem to forget that this is just the dip of the iceberg. What was actually happening below the surface was hard work and accumulation, regulations being formed etc. Institutions are preparing for the next decade of mass adoption. It would be naive to expect whales to jump in to the unknown. Upcoming regulations will dictate the future of the cryptos. Noone knows how it will go down, but I am sure that certain coins have a stronger team and better plans on how to dominate the market and adjust to the regulations.
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I believe XRP/USD is entering a 5 month consolidation period between 0.2000 and 0.5000 cent range. We cannot expect a bullrun in the middle of all the uncertainty in the market. In order to predict the future moves we need to look at the bigger picture and I believe weekly chart draws the best picture of whats going on.
XRP is currently making significant lower highs for the better part of the past year now. We have not seen a close above previous highs on the weekly chart which really does say a lot about the bears still being in charge of the market. XRP is not far from 2018 august low of 0.2465 level. I believe this to be the overall medium term target for now as well. In august 2018 price making the lows at long term trend line was a bulltrap in which the whole market seemed to believe in. Price reacted to the trendline with a 5400pip bullish break of 0.3425 level towards 0.8 cent region. Weekly chart could not maintain the bullish move and the overdue close above 0.8700 level was missed. After the August highs price found support at 0.29 cent region in December. It is unlikely that the trendline will hold and we can probably see a break and close below soon enough. I expect the price to have a consoldative bounce from the August low of 0.2465 level and eventually to come and meet the 0.2500 region again and again until some regulations have been set and market can finally meet its maker.
Should we see the weekly candle close in or below the pink area of support, I strongly believe the price will drop to the 0.2000 level real fast.
.
Currently price has been consolidating around 0.31 cent region after breaking through the 0.3425 level, price came back up to retest the broken level and formed a long legged doji at the end of trendline. We could say this is a sign of potential trend reversal, but we would have to wait for the weekly and daily candle to close on Sunday. Can we expect a major move from XRP on early Monday morning after Tokyo session has started? Could be but the market is heavily manipulated and its very risky to enter long from there as it may initiate a stop hunt.
Announced on October 2018, all companies in the G7 group of 37 countries will be subject to new regulations by the FAFT (Financial Action Task Force). FAFT is Paris-based organization responsible for regulating and enforcing the rules coming in 2019. FAFT plans to have the new standards in order by June 2019.
Companies and institutions such as Santander Bank, IBM, Maersk, Intercontinental Exchange, and countless others have caught on to how digital tokens can grow their bottom line, with superior and more cost-effective transparency, transactions and new functionality that improves relationships with customers.
Looking back at the downtrend of 2018, years worth of red bearish candlesticks, we seem to forget that this is just the dip of the iceberg. What was actually happening below the surface was hard work and accumulation, regulations being formed etc. Institutions are preparing for the next decade of mass adoption. It would be naive to expect whales to jump in to the unknown. Upcoming regulations will dictate the future of the cryptos. Noone knows how it will go down, but I am sure that certain coins have a stronger team and better plans on how to dominate the market and adjust to the regulations.
.
I believe XRP/USD is entering a 5 month consolidation period between 0.2000 and 0.5000 cent range. We cannot expect a bullrun in the middle of all the uncertainty in the market. In order to predict the future moves we need to look at the bigger picture and I believe weekly chart draws the best picture of whats going on.
XRP is currently making significant lower highs for the better part of the past year now. We have not seen a close above previous highs on the weekly chart which really does say a lot about the bears still being in charge of the market. XRP is not far from 2018 august low of 0.2465 level. I believe this to be the overall medium term target for now as well. In august 2018 price making the lows at long term trend line was a bulltrap in which the whole market seemed to believe in. Price reacted to the trendline with a 5400pip bullish break of 0.3425 level towards 0.8 cent region. Weekly chart could not maintain the bullish move and the overdue close above 0.8700 level was missed. After the August highs price found support at 0.29 cent region in December. It is unlikely that the trendline will hold and we can probably see a break and close below soon enough. I expect the price to have a consoldative bounce from the August low of 0.2465 level and eventually to come and meet the 0.2500 region again and again until some regulations have been set and market can finally meet its maker.
Should we see the weekly candle close in or below the pink area of support, I strongly believe the price will drop to the 0.2000 level real fast.
.
Currently price has been consolidating around 0.31 cent region after breaking through the 0.3425 level, price came back up to retest the broken level and formed a long legged doji at the end of trendline. We could say this is a sign of potential trend reversal, but we would have to wait for the weekly and daily candle to close on Sunday. Can we expect a major move from XRP on early Monday morning after Tokyo session has started? Could be but the market is heavily manipulated and its very risky to enter long from there as it may initiate a stop hunt.
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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.
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.