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Molten

Charting the course of XRP

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12 hours ago, Molten said:

As @Tinyaccount would say.... Sigh.

We had the break out perfectly with high volume, it wasn't a fake out.  But, as @dr_ed pointed out, we ran into a literal wall at $0.302 and got rejected pretty hard.  That level is turning out to be much firmer resistance than I gave it credit for.

So, the triangle pattern was correct but then the resistance at $0.302 stunted the magnitude of the break out.   I expect us to continue to grind higher and re-test $0.302 again a few more times before it cracks.

The good news: as of now, the top of the triangle, which was resistance, is now support.

lur6hMb2

This @Gorgalosk

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6 minutes ago, MQB said:

BTC took the whole market down, so maybe XRP/BTC, not XRP/USD,  is more meaningful for now?

Everything looks good on XRPBTC, not much to see there.  The drama is in the USD pair but you may be correct that XRPBTC is the better indicator of the current state of XRP.

I am watching XRPUSD because I am genuinely surprised that we breached the channel to the downside, even if it is because of BTC.  Watching to see if can get back in or if this is a setup to a bigger rally, which I frankly was expecting today or very soon.

pLisqtS7

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Meanwhile, if anyone out there is a fan of LTC.... this looks like a falling wedge that is about to break out hard.  No financial advice here, but this might be a good time to pick up some LTC (if you are a fan).

EDIT:  In fact, looking a little closer, we've had a bullish divergence on the MACD and RSI along with this falling wedge.  I just convinced myself.  Transferred my speculative ETH play into LTC.  Let's see what happens.

eaRJvndN

Edited by Molten

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2 minutes ago, Guybrush said:

23-10-19.thumb.png.e485f707bf1005adfa9d0518853577ad.png

First thing I post, but this is what I'm seeing.

Yeh looks like we're still in an uptrend vs BTC. Feel like its bitcoin price action thats dragging the USD value down at the moment, will be interesting to see what happens if bitcoin drops further. Alternatively could see bitcoin springing back after this drop and accentuating an up move on XRP/USD?

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So did the whale that caused this pump just sell all of their recent purchases back into the market? Run failed?

What in the world just happened? Someone took a light saber to the whole market.

Edited by AlejoMoreno

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14 minutes ago, AlejoMoreno said:

So did the whale that caused this pump just sell all of their recent purchases back into the market? Run failed?

XRP was flattening out of the month long rising channel, unable to break .30 sustainably. Then daddy bitcoin did its thing. A par for the course.

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14 minutes ago, Molten said:

Well, lesson learned (again).  XRP is not yet anywhere near independent of BTC, although XRPBTC is holding up well enough.

"NOTHING" is independent of Bitcoin. The entire market crapped. All of the algorithms, bots, whatever it is, did exactly what they always do.

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