Quick XRP/BTC chart. It's been a while since I've done one of these. The risk/reward is pretty extreme right now, on both sides. I think XRP is well-positioned to provide some liquidity relief from a stressed banking system. Based on speculation alone, I can see it doing well under certain conditions. However, the community is damaged and the potential for XRP to be declared a security still looms.
I think there's a decent chance that red demand zone is tested before it moves up towards the purple supply zone again. It may even just be a very quick wick to the downside. We'll really need to see that long term downtrend broken as well. If we happen to bounce in the current zone (blue) that would indicate that a long term higher low may be in, as it would mean that the demand zone has shifted upwards.
This is not financial advice! Just wanted to post an update on this particular pairing.
-Victor Cobra
I think there's a decent chance that red demand zone is tested before it moves up towards the purple supply zone again. It may even just be a very quick wick to the downside. We'll really need to see that long term downtrend broken as well. If we happen to bounce in the current zone (blue) that would indicate that a long term higher low may be in, as it would mean that the demand zone has shifted upwards.
This is not financial advice! Just wanted to post an update on this particular pairing.
-Victor Cobra
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Trying to break the downtrend again. Volume is still low, but sell volume is drying up faster than buy volume. Still think there's a decent chance XRP tests that supply zone briefly.
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Dominance continues to look bearish, particularly if it closes the week like this under the 200w MA.
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Given the dominance chart, I suppose it's possible XRP just pumps from these levels. Need more convincing volume though. If dominance can break that red downtrend, I'll feel more bearish on alts.
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There it is. XRP has ventured into the demand zone, with volume continuing to decline. The Ultimate Oscillator (red at bottom) is beginning an uptrend, while price bleeds. This tells me that selling momentum is really declining.
