💦 XRP 'JUST KEEP SWIMMING' 💦
🌊 Hi! Thanks ladies and gentlemen for tuning in, been busy with some personal matters so haven't been able to post but without further a due let's take a quick swim. 🌊
🌊 In our last idea the target was to get a break above 0.71 and get some of that momentum again back up with volume having declined following the fall from 0.736. Pointed out that a break above 0.71 would help to be a positive signal for the market to get back some confidence in XRP which thankfully did manage to happen pushing prices to 0.73 on the local.
🌊 Below I will link a 15 minute visual chart for you guys to refer to as well as some new markings I've added which you can add to your own charts of course.
🌊 The chart basically speaks for itself pretty much but we've got this new consolidation channel that's formed and wouldn't be too bad to make note of. And yes I'm aware that most of the points intersect at 0.71 for the bottom channel mark but 0.70 is where your two deepest points/wicks have extended to so I've made the mark there.
🌊 XRP did manage to form a higher high on the local too so happy with that, and for the 200 EMA it's just what it is, even if we lose it we just have to keep avoiding falling below 0.70 and 0.68 if it comes down to that again. Below I added in a fibonacci that could help some of you guys I'm sure.
🌊 I marked the bottom of the Fib at the start of XRP's rally and the top at the peak so that's given this:
🌊 Can identify some pretty distinct things right off the bat such as at that 0.713 mark which shows a clear difference for us depending on whether or not we're below or above that Fib. Then above at 0.736 we see how price's immediately tumbled once we lost that level so indicates that these Fib lines can do us some good. I'll do my best to start incorporating this some more but feel free to add to your own charts or look yourself.
🌊 The Federal Reserve made the decision to approve rate hikes bringing levels to a 22 year high raising rates by a quarter percentage point which does bring the rate to it's target of 5.25%-5.5%. Market's basically been pricing now the factor that there likely won't be any more hikes in the coming meetings though policy makers said otherwise. Show's the market's belief that this is the end of rate hikes increasing and a possible soft landing for the US economy with hopes rising. I can't say anything to that but that's simply been one of the driving forces here and XRP's seemed to have taken advantage of that.
🌊 All this especially as the Pacific Island Group of Palau is preparing to start it's stablecoin trail of using a stablecoin which will be linked to the U.S dollar. The test will be running through August and run on the XRP ledger with Ripple already providing technical assistance and staff to assist. There's no absolute guarantee that the nation which consists of 20,000 people and 340 islands will continue after the test with the project but a report will be made on the progress and that in itself is a big step for crypto, not to mention XRP.
🌊 Below I will add a link to the site I referenced regarding the Palau Project if you guys would like, that's it for today's idea but thanks so much for tuning in, I really appreciate it and feel free to leave any likes, follows, always helps, thank you.
Link to Palau Test:
https://www.coindesk.com/policy/2023/07/26/pacific-island-group-of-palau-starts-stablecoin-trial-on-xrp-ledger/
~ Rock '
🌊 In our last idea the target was to get a break above 0.71 and get some of that momentum again back up with volume having declined following the fall from 0.736. Pointed out that a break above 0.71 would help to be a positive signal for the market to get back some confidence in XRP which thankfully did manage to happen pushing prices to 0.73 on the local.
🌊 Below I will link a 15 minute visual chart for you guys to refer to as well as some new markings I've added which you can add to your own charts of course.
🌊 The chart basically speaks for itself pretty much but we've got this new consolidation channel that's formed and wouldn't be too bad to make note of. And yes I'm aware that most of the points intersect at 0.71 for the bottom channel mark but 0.70 is where your two deepest points/wicks have extended to so I've made the mark there.
🌊 XRP did manage to form a higher high on the local too so happy with that, and for the 200 EMA it's just what it is, even if we lose it we just have to keep avoiding falling below 0.70 and 0.68 if it comes down to that again. Below I added in a fibonacci that could help some of you guys I'm sure.
🌊 I marked the bottom of the Fib at the start of XRP's rally and the top at the peak so that's given this:
🌊 Can identify some pretty distinct things right off the bat such as at that 0.713 mark which shows a clear difference for us depending on whether or not we're below or above that Fib. Then above at 0.736 we see how price's immediately tumbled once we lost that level so indicates that these Fib lines can do us some good. I'll do my best to start incorporating this some more but feel free to add to your own charts or look yourself.
🌊 The Federal Reserve made the decision to approve rate hikes bringing levels to a 22 year high raising rates by a quarter percentage point which does bring the rate to it's target of 5.25%-5.5%. Market's basically been pricing now the factor that there likely won't be any more hikes in the coming meetings though policy makers said otherwise. Show's the market's belief that this is the end of rate hikes increasing and a possible soft landing for the US economy with hopes rising. I can't say anything to that but that's simply been one of the driving forces here and XRP's seemed to have taken advantage of that.
🌊 All this especially as the Pacific Island Group of Palau is preparing to start it's stablecoin trail of using a stablecoin which will be linked to the U.S dollar. The test will be running through August and run on the XRP ledger with Ripple already providing technical assistance and staff to assist. There's no absolute guarantee that the nation which consists of 20,000 people and 340 islands will continue after the test with the project but a report will be made on the progress and that in itself is a big step for crypto, not to mention XRP.
🌊 Below I will add a link to the site I referenced regarding the Palau Project if you guys would like, that's it for today's idea but thanks so much for tuning in, I really appreciate it and feel free to leave any likes, follows, always helps, thank you.
Link to Palau Test:
https://www.coindesk.com/policy/2023/07/26/pacific-island-group-of-palau-starts-stablecoin-trial-on-xrp-ledger/
~ Rock '
Related publications
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.