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Molten

Charting the course of XRP

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BTC is doing some good work today.  Currently working on an important resistance area.  I mentioned earlier that we could calculate a potential price target for the falling wedge break out, which I have around $12100.

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Posted (edited)

Fibs really are a handy tool at times.  Look at the retracement fibs for this big run up from XRPUSD last night.  Remember from previous posts that a healthy retracement is usually between 1/3 and 2/3 of the run up.  Draw the fibs and you can see the price bouncing perfectly around off of the various lines.  The 0.618 held up perfectly as support and now we are above the 0.5, very bullish.

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Edited by Molten

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3 minutes ago, Baka said:

@Molten do you have an idea why the price of crypto going up ? whales ? I don't think new customers are making the price going up like this ?

From a technical standpoint, there was certainly suggestion that the price could break out.  I always find it suspect when people try to ascribe a narrative to whatever the market does, in any commodity.  You see it everyday on CNBC, up or down, the reaosn "why".  I don't think anyone really knows (unless its whales, and then they would know I guess).

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6 hours ago, Molten said:

XRPBTC, has posted a total epic fail after yesterday's rally.  Right back under the resistance trend line.  Boooo.

2T3wob5r

Good grief, may as well use white out. BTC/XRP haven’t been friends for a while. At least it is showing some kind of consolidation at .215 usd. Anything is better than the tantalizing teens.

I was close to capitulating my chainlink into VET, but it is starting to run now, it’s a reminder that $link is a very pumpable coin.

 

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Any long term holders wobbling because of XRP price doldrums should watch Crypto Eri interviews FlashFX's Nicolas Steiger.  Adoption is a slow methodical process, but it is rolling out as planned.  To me this sort of news trumps any weakness in the market prices and makes me pleased to buy more as the price drops.

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5 hours ago, ManBearPig said:

Good grief, may as well use white out. BTC/XRP haven’t been friends for a while. At least it is showing some kind of consolidation at .215 usd. Anything is better than the tantalizing teens.

I was close to capitulating my chainlink into VET, but it is starting to run now, it’s a reminder that $link is a very pumpable coin.

 

There is should be no doubt that Bitcoin will perform well in the short term for any traders.

XRP is still up in the air for the short term.

XRP continues to fail after it has these initial short bursts. You cannot call these retracements valid or healthy if you properly take into account the volatility of the digital asset market. A 3 cent burst with a retracement of 1.5 cents is a failure, not bullish. Don't take the bait.

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Posted (edited)
23 minutes ago, AlejoMoreno said:

There is should be no doubt that Bitcoin will perform well in the short term for any traders.

XRP is still up in the air for the short term.

XRP continues to fail after it has these initial short bursts. You cannot call these retracements valid or healthy if you properly take into account the volatility of the digital asset market. A 3 cent burst with a retracement of 1.5 cents is a failure, not bullish. Don't take the bait.

I see what you are saying but I am looking at it purely from a technical analysis standpoint... retracement of this magnitude is normal and expected.  I hear a lot of people saying "just 3 cents....psssshh please" but 3 cents means a lot when the asset itself was 19 cents.  Percentage moves are what matter and this was a relatively large one for XRP.  Does that mean it will keep going??  Absolutely not, but this little pullback also does not necessarily mean that it will fall further.

Edited by Molten

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Posted (edited)
46 minutes ago, AlejoMoreno said:

XRP continues to fail after it has these initial short bursts. You cannot call these retracements valid or healthy if you properly take into account the volatility of the digital asset market. A 3 cent burst with a retracement of 1.5 cents is a failure, not bullish. Don't take the bait.

It's good to see there are still people with both feet on the ground. On various forums such as this one as well as Reddit and CryptoCompare members are euphoric and declaring the end of the bear market, which I find quite remarkable given the fact that we have thusfar only gained a mere 0.02 dollarcents. 

Given all the goods news over the course of the last two years XRP should blast right through these so-called resistance levels instead of gaining roughly 10% resulting in few cents up from a two year low (!).

Edited by Quaed

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53 minutes ago, AlejoMoreno said:

There is should be no doubt that Bitcoin will perform well in the short term for any traders.

XRP is still up in the air for the short term.

XRP continues to fail after it has these initial short bursts. You cannot call these retracements valid or healthy if you properly take into account the volatility of the digital asset market. A 3 cent burst with a retracement of 1.5 cents is a failure, not bullish. Don't take the bait.

During a bearmarket it is 3 steps down, no up. During the reversal it is 3 steps up, 2 down for some time. Then 3 steps up 1 down and eventually 3 steps up and near to nothing down when parabolic. Then rinse and repeat.

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Do you ever worry that you bet on the wrong horse?

I know that XRP offers a much better technology than Bitcoin, but in the end I'm interested in the price.

Since its low in December 2018, Bitcoin has recovered well, but XRP is at its lowest since ATH. 
Furthermore, there is a risk that the next BTC correction will pull XRP even lower because XRP has not recovered as much as other coins before. 

I don't want to end up being the fool sitting on his $0.20 XRP while Bitcoin celebrates a new ATH. In the end everybody is waiting again for the XRP mega bull run...and nothing happens. 

That would be really frustrating. I really hope that this will not happen and XRP will spiked again in the near future (1-2 years) at least to $1.

XRP is the far better technology - but in the end the market has to accept it. And currently this is not happening

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28 minutes ago, Elysium2030 said:

Do you ever worry that you bet on the wrong horse?

Of course, but only because of the price action.  Given how wildly immature this market currently is, however, I don't trust the price action to truly reflect value.  If the thesis in crypto investing is that you want an asset with the highest utility, there is no better than XRP. 

Now, the real worry for me is: Will utility truly result in appreciation?  We don't know that answer right now. But XRP is the best positioned IMO for utility.  How long will it take for the market to reflect this, if ever??  Who the f knows.

To be fair, I have started to slowly build a position in BTC and VET to diversify.

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34 minutes ago, Elysium2030 said:

Do you ever worry that you bet on the wrong horse?

I know that XRP offers a much better technology than Bitcoin, but in the end I'm interested in the price.

Since its low in December 2018, Bitcoin has recovered well, but XRP is at its lowest since ATH. 
Furthermore, there is a risk that the next BTC correction will pull XRP even lower because XRP has not recovered as much as other coins before. 

I don't want to end up being the fool sitting on his $0.20 XRP while Bitcoin celebrates a new ATH. In the end everybody is waiting again for the XRP mega bull run...and nothing happens. 

That would be really frustrating. I really hope that this will not happen and XRP will spiked again in the near future (1-2 years) at least to $1.

XRP is the far better technology - but in the end the market has to accept it. And currently this is not happening

I wish BTC investors the best, but for me it is not an option to invest in something I do not believe has a future.  So really I do not care if BTC investors do well whilst I am waiting for XRP to be adopted and then become the darling of crypto.  I quite like the low prices, although I would prefer them to go up so that I was not 50% in the red (which is uncomfortable).

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