XRP Starting to Resemble September 2018 Accumulation
History doesn't always repeat itself, but I find it interesting that XRP seems to have started slowly climbing back on its Bitcoin ratio on low volume, just as it did before the September 2018 move when it went over 100% in a very short timespan. XRP tends to make quick, explosive moves and long, painful corrections. Could XRP be due for a giant move to the upside soon? The next resistance line on the current chart is the downtrend resistance that XRP has been unable to break for many months. Once that clears, the possibility of more upside would increase. That resistance is currently in the 6100-6200 zone:
Circled on the above charts are a couple of areas that resulted in similar dip buying price action. If we're to repeat what happened in September, we can expect perhaps a bit more sideways before our giant green candle appears. Could also happen sooner. Really hard to say in this market. All we can do is be prepared in the event that this happens. Obviously things will look bearish if we start to deviate from this accumulation pattern. Interestingly enough, the current price action looks even a bit stronger than it did in September.
Another thing to note is that XRP has held the previous resistance as support against ETH. I find this interesting too. Link to that analysis is at bottom. Here's that chart, for reference:
This is not financial advice. Just something I noticed, and wanted to post this for future reference.
-Victor Cobra
Circled on the above charts are a couple of areas that resulted in similar dip buying price action. If we're to repeat what happened in September, we can expect perhaps a bit more sideways before our giant green candle appears. Could also happen sooner. Really hard to say in this market. All we can do is be prepared in the event that this happens. Obviously things will look bearish if we start to deviate from this accumulation pattern. Interestingly enough, the current price action looks even a bit stronger than it did in September.
Another thing to note is that XRP has held the previous resistance as support against ETH. I find this interesting too. Link to that analysis is at bottom. Here's that chart, for reference:
This is not financial advice. Just something I noticed, and wanted to post this for future reference.
-Victor Cobra
Комментарий:
Not much to add here. Still pretty flat, despite the recent mini-pump. As I understand, Ripple *may* have bought out Moneygram and partnered with Walmart. The rumor has yet to be confirmed. If this is real news, then this accumulation area would make sense, as insiders likely have already loaded up. The same thing happened before xRapid was released last September. This would also explain the similar price action.
Kidding, obviously. If XRP can take out its most recent high (5401), it would be a good sign that it wants to make a bigger move up.