XRP Price Analysis – What Support Level Needs To Hold?

[VFCrypto]

Over the last week, XRP price has continued bearish price action, falling -14.6%. Based on historical price action, what important support level must XRP hold in the short-term? We take a look at XRP on the one year chart to assess relevant support and resistance levels. 

https://visionary-finance.com/news/xrp-price-analysis-what-support-level-needs-to-hold/

[Scout]

I love Technical Analysis in an irrational  crypto market with irrational prices and irrational behaviour. It always makes people look... strange. The price points can always be high or maybe low but mostly low these last few years. The support level will always be whatever the current price is and then you realize a support level never really existed. 

Easy come easy go, little high, little low. Any way the XRP blows doesn't really matter to me, tooo me.

On a more serious note, we are talking about a virtual asset which was created out of thin air, which people may or may not use and even if they did use the value doesn’t last as it comes and goes before you can blink an eye. It is not suppose to be a store of value.
 

There is no reason in the world this value should be higher than a penny and if you think banks will adopt this phoney so called currency just to line your pockets with virtual fiat your dreaming. Banks are smarter than that. Sorry  if I offended any dreamers out there, keep dreaming, XRP is what dreams are made of.

I know I long for the day I can break even and get out of this market like a thief in the night. Lol... gulp!

I hope this answers your question.

Edited September 8, 2020 by Scout

[richxrp]

32 minutes ago, Scout said:

Banks are smarter than that

Banks are not smart.. it's the people who run them that are.  The reason for not wanting crypto is to preserve the status quo and keep the existing financial structure that feeds off of the consumers of banking services which is why they take your fiat deposits, give you 1% and turn out to loan it out at 4%... That's the beauty of fractional reserve banking.. If I were feeding off this gravy train, I wouldn't want to get off either. The people in charge of printing FIAT is just as bad, if not worse, because increasing the money supply at a rate faster than the growth rate of the economy slowly and silently devalues your cash and insidiously eats away at your purchasing power.

What gives something value is whether demand exists for it irrespective of everything else. What we don't realize is that we already have the power to get out under the weight of the existing system if we collectively agree on a different way to store and exchange value.. but one day, sooner or later, people will realize the potential for cryptocurrencies to serve this function regardless of whether there is regulatory clarity around it.. unless like some countries, all crypto gets outlawed.

Edited September 8, 2020 by richxrp

[WarChest]

1 hour ago, Scout said:

 

There is no reason in the world this value should be higher than a penny and if you think banks will adopt this phoney so called currency just to line your pockets with virtual fiat your dreaming. Banks are smarter than that. Sorry  if I offended any dreamers out there, keep dreaming, XRP is what dreams are made of.

I know I long for the day I can break even and get out of this market like a thief in the night. Lol... gulp!

I have averaged down at the dips in the last year aiming to get to the point where it isn't too hard to imagine break-even, and indeed some profit even below 30c.

Of course, I will probably have thrown good money after bad , But then again, Crypto is a gamble guys, none of use should IMHO feel aggrieved if a high risk (which equals very little chance of high reward) bet doesn't end favourably.  

[Sharkey]

 

Well, this surely is developing into a pleasant exchange, so far.  Cheers!

 

 

 

[jargoman]

16 hours ago, VFCrypto said:

Over the last week, XRP price has continued bearish price action, falling -14.6%. Based on historical price action, what important support level must XRP hold in the short-term? We take a look at XRP on the one year chart to assess relevant support and resistance levels. 

https://visionary-finance.com/news/xrp-price-analysis-what-support-level-needs-to-hold/

We're holding support right now at 0.235, below that is 0.22, then 0.20 cents is a major support

[jargoman]

11 hours ago, Scout said:

I love Technical Analysis in an irrational  crypto market with irrational prices and irrational behaviour. It always makes people look... strange. The price points can always be high or maybe low but mostly low these last few years. The support level will always be whatever the current price is and then you realize a support level never really existed. 

Easy come easy go, little high, little low. Any way the XRP blows doesn't really matter to me, tooo me.

On a more serious note, we are talking about a virtual asset which was created out of thin air, which people may or may not use and even if they did use the value doesn’t last as it comes and goes before you can blink an eye. It is not suppose to be a store of value.
 

There is no reason in the world this value should be higher than a penny and if you think banks will adopt this phoney so called currency just to line your pockets with virtual fiat your dreaming. Banks are smarter than that. Sorry  if I offended any dreamers out there, keep dreaming, XRP is what dreams are made of.

I know I long for the day I can break even and get out of this market like a thief in the night. Lol... gulp!

I hope this answers your question.

1.
Technical analysis is very useful. The difference between an analyst and everyone else is every one else looks at the chart and and gets an idea of if the price will rise or not. The analyser does the exact same thing but instead of going by feel, he actually measures.

People are basing their bearish opining on the trend. If XRP was rising 20% a week you would be bullish. That is technical analysis in a nutshell. 

2.
XRP won't go to a penny. That's 1 billion for all coins in existence. A tech giant would scoop them all up and become the next ripple. A billion is nothing in relative terms. People have sold companies for multiple billions. Even 10 cents is only 10 billion. Swift would load up and use XRP after all. Look at the chart and see how quickly the price rises when ever we are below 20 cents. That's another example of technical analysis.

3. If banks are smart and they can now legally offer XRP to clients, wouldn't the smartest thing be for them to pay someone to fud the price down so they can buy.