XRP - Monthly Chart - Bullish Divergence - Plus Token Ponzi
- I know it has been really rough holding XRP in 2019 while watching other coins go up. Honestly, most of the charts look horrible for XRP and what I found here is the only hopium I can find for now. Also, I will discuss why the Plus Token ponzi scheme is relevant to XRP as well, which is very important as most people are unaware.
MUST KNOW - PLUS TOKEN PUMP:
- For those that don't know, there was a ponzi scheme called Plus Token that bought over 3 billion dollars worth of BTC, ETH and EOS back in the spring of 2019. This most likely caused the run-up to
14K for the BTC price and the highs in 2019 of ETH & EOS at the time. The ponzi collapsed on the day BTC reached it's 14k ish high. Most people don't know this and it is extremely important to know that the bear market is still very much here. It is also important to know that this reason is why consumer FOMO was created on those said coins while XRP continued its bear market.
MFI TECHNICAL ANALYSIS:
1) Yellow circles, I drew these on the MFI to signify its double bottom, which can be bullish in the long run. As you can see we bounced off this point for now.
2) There is a massive bullish divergence when comparing the MFI and price action on the XRP chart. Bullish divergences play out all the time in long-time crypto charts, so who knows what will happen next. I drew the lines on the MFI and price action to indicate this.
MUST KNOW - PLUS TOKEN PUMP:
- For those that don't know, there was a ponzi scheme called Plus Token that bought over 3 billion dollars worth of BTC, ETH and EOS back in the spring of 2019. This most likely caused the run-up to
14K for the BTC price and the highs in 2019 of ETH & EOS at the time. The ponzi collapsed on the day BTC reached it's 14k ish high. Most people don't know this and it is extremely important to know that the bear market is still very much here. It is also important to know that this reason is why consumer FOMO was created on those said coins while XRP continued its bear market. MFI TECHNICAL ANALYSIS:
1) Yellow circles, I drew these on the MFI to signify its double bottom, which can be bullish in the long run. As you can see we bounced off this point for now.
2) There is a massive bullish divergence when comparing the MFI and price action on the XRP chart. Bullish divergences play out all the time in long-time crypto charts, so who knows what will happen next. I drew the lines on the MFI and price action to indicate this.
Penafian
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