This is going to hurt some people
Updated
Since the overall crypto market is ready to decline, XRP rushes to complete the pattern we saw in November/December with a final bull trap in a faster than expected way. Enjoy
Note
There is a chance the triangle will break out up. I have missed last week's series of articles written by renowned analysts and turning up the truth upside down to even more ridiculous extremes than ever before, like Ripple doubling sales being a "sign of the success of XRP" rather than Ripple enriching itself and dumping as much as a market can take at any given moment. The same articles now also retrospectively praise 2020 April's recovery as a sign of investor confidence, while last year even Ripple openly admitted that the recovery was a result of desperate Ripple buybacks that put Ripple's financials into serious danger. The same articles also claim that the Moneygram partnership was just suspended. While the fact is it was first suspended, and in a matter of few weeks, it was ended completely (even though Moneygram noted they are open to future collaboration should the legal troubles conclude in Ripple's favor). All in all, there are not anyone who would address the grossly misleading articles publicly since February. So as crazy as it may be, there is room to the upside (but again, we are talking tens of percents, nothing like the Moon people usually have in mind when they are talked into buying XRP)Note
But I personally would not bet on it. The higher it reaches before a crash, the more angry the community. They certainly do not want to repeat 2018 that resulted in lawsuits against Ripple, because it would be devastating for them during current circumstances. So while they need to have prices above 1USD, huge price rises are not in their interest and they might actively limit it (which, for now, they absolutely can with their sales to any extent they want)Note
And it is crazy everyone is in XRP to invest in it to make money, everybody watched Ripple's network developments, everybody listens to what the company has to say, people (even renowned journalists) even still call XRP Ripple, yet in the court everybody is like, Ripple is like it has nothing to do with us, just a coincidence that we chose it to run in our ODL, could have been any other coin too.. And the community should be like, we don't expect gainst, we buy XRP because we believe in technological advances, we are actively taking part in innovation (well this is what they should do, but in reality, even Deaton calls XRP often Ripple and it's buyers he calls investors.. and community participants during lawsuit shout XRP to the moon!). It will be very interesting, and it is extremely risky and unpredictable. Because the articles that call for new ATHs are in fact intended only to push the prices by 10s of percents (once people realize it during this bullrun, they will get upset the same way the 2017/18 investors did. What price XRP reaches by the time the current XRP community realizes it, I don't know. I wish XRP and everything just would be what Ripple says it is, facts always prove it wrong and make investing in it, as Musk would say, a hustle. Nothing more.Note
Looks like it might have really been just a bounce between triangle lines and it will turn down towards the support again. If there is going to be a breakout, probably not today.
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.