BITSTAMP:XRPUSD Wow! What a show! XRP blew out the top of the channel (as mentioned 12/26) with volume on its way $2.47. Steeper channel formation in progress (old trendchannel is now in grey, new in green). We appear to be in a low volume range trading/consol pattern now (pretty wide range). This will change after the holidays once volume on exchanges picks up.Lower green trendline needs another touch to be considered a true trendline . The fact that I had to redraw to a steeper trendchannel has me pondering whether the trend is turning parabolic.
On a non-technical note... most of the larger exchanges still have not verified all the new account requests from a month ago (when XRP/USD was in the .20's). The masses of new entrants are having a very hard time getting access to even start buying. I don't think this bull is over yet, but if we do have a selloff, support lines are the blue hashed lines on the chart.
The new green channel is the log channel. Best to change your chart to log to see the channel better.
protechtor
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@JohanJanssens, Thanks Johan. I have a log chart as well. Will start posting that one as well.
JohanJanssens
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@protechtor, You are most welcome. I have been trading of the log chart, gives a much better view so far of the channel we are in.
tomlilley81
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Yep the price has been accepted and now we are just waiting for the big guns to suck it up and accept a higher price to buy in at, breakout at anytime probably Thursday.
protechtor
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@tomlilley81, Speaking of big guns... an interesting conversation here from two pro traders. Pure fake pumping? Or something more...