While BTC has had a massive rally, alt's have been left in the dust. In particular is ripple, XRP/USD. Ripple has been getting a lot of buzz lately but where is the buying pressure with all the buzz it's getting? The first thing to realize is that XRP just released 314 million of XRP from escrow, or about 1 billion ripples. That needs to be dumped on the market to raise cash for the parent company. That's a lot of selling pressure to add to the already mounting selling pressure that XRP has been facing. While BTC has had massive rebounds, XRP just hasn't or the rest of the alt's for that matter. But XRP has been particularly bad.
If we zoom out and look at he really big picture we can see that ripple has been creating lower high's for quite some time (see my previous idea). If we zoom as this idea indicates the prospects do not get much better. Until we have a solid clean break of 36 cents, we'll head down.
Best of luck trading and hodling,
-Sherem
If we zoom out and look at he really big picture we can see that ripple has been creating lower high's for quite some time (see my previous idea). If we zoom as this idea indicates the prospects do not get much better. Until we have a solid clean break of 36 cents, we'll head down.
Best of luck trading and hodling,
-Sherem
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The last 2 analysis:
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For anyone wondering about the ripple escrow release - dailyhodl.com/2019/0...million-from-escrow/
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We are hovering just above this main support again, watch out below if we start breaking down
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main support violated, we'll go down much further to 15 cents, possibly 10 cent's with how steep this sell off has been,
