So far the growth we've seen over the last two weeks has been relatively textbook and following the fib lines really well. Posted this on XRPUSDT on accident so am reposting under XRPUSD
Fib line from $.224
I've drawn out 2 sets of line from this price point. The first set being the (orange fib lines). The price was relatively stable in this range for about a month until we saw the first major growth around 12/10. We hit our old ATH -0.19% 12/14 where we can put the top of our fib analysis. From there the 1.618 extension was hit almost directly about a week later. From there our 2.618 extension is set at ~$1.85.
Drawing the second set of fib lines (blue) from the same base point of ~$.224 to the top of our next ATH -0.19% of ~$1.24 we see that the 1.618 lines up perfectly with the 2.618 extension from the orange set described above. This is what we call confluence when fib lines match up and provide stronger supports and resistances.
Fib lines from $.686 & $.983 (Purple)
Our last set of fib lines (purple) aims to look at a shorter term trend to provide some insight into the supports and resistances along the way. I believe $1.50 is a decently strong psychological resistance and it lines up nicely with the 1.618 extensions from the two prices listed above ($.686 & $.983)
Our goal for the next few days is ultimately ~$1.55-$1.85.
Why
In addition to looking at pretty lines, lets look at why we might be looking at more continued price growth. XRP has proven its stability at these price ranges day after day. If you've been keeping track of other coins lately, I'm sure you've seen lots of red. However; XRP has managed to grow or stay stable almost every time we see a major dip in the crypto market. People are getting exposed to the strength.
The CEO 0.11% of Ripple went on both CNBC and Bloomberg TV just yesterday and carried himself extremely well. Many who fear the whole "crypto hype" have faith in financial institutions, and the CEO 0.11% very clearly explained that they are working with these institutions and have numerous backings. This is extremely GOOD press for Ripple and XRP.
Lastly, there have been numerous rumors regarding XRP getting added to coinbase one of the most popular exchanges especially for those with little experience in the market. This will likely drive up the price as people see a coin listed for just a $1 or so compared to the hundreds or thousands from eth, ltc, and btc -9.86% .
I can go on and on about the recent news and attention Ripple has recieved, but I imagine I'm preaching to the choir. Best of luck in your trading.
Carlos @CAG_CryptoTA
Bloomberg TV interview with Ripple CEO
Partial CNBC Interview with Ripple CEO
Fib line from $.224
I've drawn out 2 sets of line from this price point. The first set being the (orange fib lines). The price was relatively stable in this range for about a month until we saw the first major growth around 12/10. We hit our old ATH -0.19% 12/14 where we can put the top of our fib analysis. From there the 1.618 extension was hit almost directly about a week later. From there our 2.618 extension is set at ~$1.85.
Drawing the second set of fib lines (blue) from the same base point of ~$.224 to the top of our next ATH -0.19% of ~$1.24 we see that the 1.618 lines up perfectly with the 2.618 extension from the orange set described above. This is what we call confluence when fib lines match up and provide stronger supports and resistances.
Fib lines from $.686 & $.983 (Purple)
Our last set of fib lines (purple) aims to look at a shorter term trend to provide some insight into the supports and resistances along the way. I believe $1.50 is a decently strong psychological resistance and it lines up nicely with the 1.618 extensions from the two prices listed above ($.686 & $.983)
Our goal for the next few days is ultimately ~$1.55-$1.85.
Why
In addition to looking at pretty lines, lets look at why we might be looking at more continued price growth. XRP has proven its stability at these price ranges day after day. If you've been keeping track of other coins lately, I'm sure you've seen lots of red. However; XRP has managed to grow or stay stable almost every time we see a major dip in the crypto market. People are getting exposed to the strength.
The CEO 0.11% of Ripple went on both CNBC and Bloomberg TV just yesterday and carried himself extremely well. Many who fear the whole "crypto hype" have faith in financial institutions, and the CEO 0.11% very clearly explained that they are working with these institutions and have numerous backings. This is extremely GOOD press for Ripple and XRP.
Lastly, there have been numerous rumors regarding XRP getting added to coinbase one of the most popular exchanges especially for those with little experience in the market. This will likely drive up the price as people see a coin listed for just a $1 or so compared to the hundreds or thousands from eth, ltc, and btc -9.86% .
I can go on and on about the recent news and attention Ripple has recieved, but I imagine I'm preaching to the choir. Best of luck in your trading.
Carlos @CAG_CryptoTA
Bloomberg TV interview with Ripple CEO
Partial CNBC Interview with Ripple CEO
