Always come across the Ripple Die Hards on CT and see the outlandish calls for XRP. Wanted to take a look at it on the TA side and some of the fundamentals while we're at it. I am not an XRP Bear per se, but have also see what a real Bull Run looks like, and right now we're not in it yet.
Bearish Case On the Technical Analysis side:
1. Since November 23 2018, XRP has been over the 200MA for just 41 days.
2. We're still inside a massive downtrend channel since April 2018 which was tested on September 21 2018 and June 22 2019.
3. Every time since July 2019 that XRP has tried to break the 200MA, it has failed and dropped right after around 30%
4. MACD appears to be signaling that it's turning over again to the bearish side along with RSI
All the signs still point bearish. I wouldn't begin to look at XRP as bullish until:
1. A break above the top of downtrend channel
2. Price goes above that POC of $0.28
3. A break in the 200MA with volume confirmation
Ripple Labs is a San Francisco based company that creates software for banks to process fast and cheap global transactions on its platform. People need to remember Ripple is not XRP. Ripple created XRP as its digital currency to process these global transactions and it owns 60 billion out of the 100 billion XRP. Let it be known, that companies can therefore use Ripple to process payments and not necessarily use XRP. XRP is more of a bridge currency between the transactions. Ripple can succeed without XRP being successful.
Feel free to like this post and give us a follow as we come back with more updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Bearish Case On the Technical Analysis side:
1. Since November 23 2018, XRP has been over the 200MA for just 41 days.
2. We're still inside a massive downtrend channel since April 2018 which was tested on September 21 2018 and June 22 2019.
3. Every time since July 2019 that XRP has tried to break the 200MA, it has failed and dropped right after around 30%
4. MACD appears to be signaling that it's turning over again to the bearish side along with RSI
All the signs still point bearish. I wouldn't begin to look at XRP as bullish until:
1. A break above the top of downtrend channel
2. Price goes above that POC of $0.28
3. A break in the 200MA with volume confirmation
Ripple Labs is a San Francisco based company that creates software for banks to process fast and cheap global transactions on its platform. People need to remember Ripple is not XRP. Ripple created XRP as its digital currency to process these global transactions and it owns 60 billion out of the 100 billion XRP. Let it be known, that companies can therefore use Ripple to process payments and not necessarily use XRP. XRP is more of a bridge currency between the transactions. Ripple can succeed without XRP being successful.
Feel free to like this post and give us a follow as we come back with more updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Note
Right on the money!!! We just hit the 200MA and the Top of our downtrend channel. This is where we want to see XRP makes it's move. We want to see it break through both, then come back and test these for Support. If confirmed, we're going in and riding to possible 0.30 - 0.40 area. Stay Tuned!
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.
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.