XRP current technical situation.
Anyone with a basic understanding of technical analysis can say immediately that XRP is bearish based on the formation displayed in white. That assumption is correct to an extent as the price is in a clear reducing triangle formation, but there is a lot of support that will hold the price up from falling below the level of support of the formation.
if you look closely you can see a purple dashed line which crosses exactly through the support of the formation. This line is the 78% fib retracement level which is a strong reversal level and could result in the price consolidating around this level if price does not break to the bears in the short term.
Just below the support of the fib retracement and triangle formation you can see a green horizontal line drawn at the $0.65 level which happens to be a previous level of resistance and a strong one if I may add. From my point of view if the fib and triangle do not hold up the price, we can see the price bounce off that level which would form a powerful double bottom as the price has recently bounced off that level following the previous crash. This technical formation followed by hopeful news about the markets could result in a huge move for XRP in the weeks to come. Fundamentals are slowly coming together as it is seeming even more likely that ripple is going to win the lawsuit against the SEC.
The situation with the SEC is a lot bigger than one would think, as it would make XRP the first asset with regulatory clearance making it a lot more safe for investors as it can be argued that other assets will be targeted in the months/years to come, and XRP investors don't have to worry as they have already fought that battle and won.
It is a very unpopular opinion to express my admiration towards XRP as it supposedly "goes against everything crypto stands for". People that think that are so disillusioned by the fact that the institutions and governments will never fully be overthrown by decentralized projects. We must think realistically about the situation crypto is in and under stand that some sort of deal must be commenced in order for the governments to allow crypto to form a key roll in the financial system and that deal can be to give up the ledger to the centralized markets in order for large scale inter continental acceptance between governments to take place, therefore XRP for example which is a ledger based project can be controlled to an extent by third party intermediaries (which would have to be done anyway) but yet be part of a system of decentralization and backed solely by the value of BTC and those applications that are run off of its value. Try think in terms of the governments who hold all the power in the current day, why would they give up all their power to a system where they have no benefit, But if they are benefited to an extent it will speed up the process or actually be the only reason crypto succeeds in what it is trying to achieve which is being the monetary value of the financial world.
please give me your perspective on my views as well as your own. would be much appreciated.
if you look closely you can see a purple dashed line which crosses exactly through the support of the formation. This line is the 78% fib retracement level which is a strong reversal level and could result in the price consolidating around this level if price does not break to the bears in the short term.
Just below the support of the fib retracement and triangle formation you can see a green horizontal line drawn at the $0.65 level which happens to be a previous level of resistance and a strong one if I may add. From my point of view if the fib and triangle do not hold up the price, we can see the price bounce off that level which would form a powerful double bottom as the price has recently bounced off that level following the previous crash. This technical formation followed by hopeful news about the markets could result in a huge move for XRP in the weeks to come. Fundamentals are slowly coming together as it is seeming even more likely that ripple is going to win the lawsuit against the SEC.
The situation with the SEC is a lot bigger than one would think, as it would make XRP the first asset with regulatory clearance making it a lot more safe for investors as it can be argued that other assets will be targeted in the months/years to come, and XRP investors don't have to worry as they have already fought that battle and won.
It is a very unpopular opinion to express my admiration towards XRP as it supposedly "goes against everything crypto stands for". People that think that are so disillusioned by the fact that the institutions and governments will never fully be overthrown by decentralized projects. We must think realistically about the situation crypto is in and under stand that some sort of deal must be commenced in order for the governments to allow crypto to form a key roll in the financial system and that deal can be to give up the ledger to the centralized markets in order for large scale inter continental acceptance between governments to take place, therefore XRP for example which is a ledger based project can be controlled to an extent by third party intermediaries (which would have to be done anyway) but yet be part of a system of decentralization and backed solely by the value of BTC and those applications that are run off of its value. Try think in terms of the governments who hold all the power in the current day, why would they give up all their power to a system where they have no benefit, But if they are benefited to an extent it will speed up the process or actually be the only reason crypto succeeds in what it is trying to achieve which is being the monetary value of the financial world.
please give me your perspective on my views as well as your own. would be much appreciated.
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