Posts

XRPUSD - Symmetrical triangle about to be completed on Daily chart. Expect volatility the next few days.

avatar of @inabsentia
25
Aurum Aeternus
@inabsentia
·
·
0 views
·
2 min read
"There appears to be a need of some bold man who will say outright what is best... opposing the mightiest lusts and following reason only."

-Plato - Laws, VIII, 835-

XRP/USD

  1. Coming back to XRP since last week since a few changes have happened with respects to the current lawsuit filled by the SEC against RIPPLE. We should consider a positive resolution of the current legal battle in the coming months with XRP being declared NOT a security. Once the dust begins to settle and the good news return to the XRP space we should see a massive bullrun taking us towards three digits. Personally i'm leaning towards 100-200$ for the coming bullrun.
  2. Taking a look at the price action, I decided to add a few key Support/Resistance levels and watch the current price action for predictions about future movements.
  3. As we can see price bounced quite aggressively last weeks from key Long Term Support levels at 0.21$ and 0.19$, although XRP might decide to retest this levels before a move to the upside.
  4. Observing the current consolidation of the price just above key Support levels has made me draw a potential symmetrical triangle which looks about to be completed in the coming days, something which I am personally looking forwards because XRP has been quite sleepy these few weeks while we saw ETH reach new ATH and many altcoins begin to rally. For these reasons I am expecting some good volatility coming soon back to XRP and as always, patience pays off so don't get scared by news and keep doing research and informing yourself over the value and potential of an altcoin to make sure you are investing in something with a rock foundation and not something build on top of sand.

Remember, nobody can predict the price of cryptocurrencies accurately and anybody claiming the opposite is probably trying to claim your attention and your money. Predicting the price of cryptocurrencies is akin to predicting the weather; the further into the future you try to predict, the bigger the deviation and error rate will be. This is due to the fact that in a complex system involving thousands of variables, some which are know and others which remain unknown, an accurate prediction can only happen if every single variable is correctly accounted for.

Chad trader from ClearThoughtCrypto

Posted Using LeoFinance Beta