Are we entering into another parabolic bullish phase? Will we see $10 by the end of February?
Maybe- maybe not.
However- I will state that the bearish move concluding the amazing growth we saw in December & January has come to an end. The trends of red bearish sentiment on my chart have all been broken, and we are moving sideways for the foreseeable future, with indications that there will be a slightly bullish reponse. The smaller light blue trend of bullish activity is encouraging, particularly considering the SlowK is oversold and bouncing off the 50ma on this 2hr chart.
If we were to fail the light blue support due to lack of volume (conceivable, as on Bitstamp the major buy volume starts at 1.20), the next line of support can be found with the dark blue support created near the beginning of the bullish move in December, and has been very reliable. I don't see us dipping below this in the near future, if ever again.
These blue supports should at least provide some level of confidence, and buoy us until there are consistent days in the green to kickstart the next bullish trend.
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Currently testing baseline support on the dark blue trend. If it does break, I expect a significant drop. All bets are off if that happens.
Hi, where do you think XRP goes? For now I see that it is very weak, without volume and depends almost exclusively on BTC. tks
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@gusccbb, XRP does need more volume. The cause of the BTC/XRP correlation IMO is due to the method in which people buy XRP- first through BTC or ETH, then exchange for XRP.
This all goes away when you can easily (with volume) buy XRP with USD.
Fundamentally speaking, when there are many options for consumers to buy XRP with cash, demand will inflate and price will go up.