For the past two (2) weeks, XRP Ripple price had been trading in what appeared to be a Bear Flag pattern that one would have thought would likely resolve in the direction of the primary trend, which is lower.
However, XRP had other things in mind for investors/traders as yesterday Ripple ripped into higher ground on enormous volume that certainly caught the attention of those who continue to keep a close eye on the daily action throughout the cryptocurrency landscape.
While XRP has further work ahead of itself from a technical perspective, yesterday’s action caught our attention, in a Big way, with the Big Stick; Big Volume action as we can observe from the daily Chart below:
When observing the daily chart above, we can clearly witness the move that Ripple put-in in yesterday’s session. In addition to the large bar and volume, we can also witness that XRP shot up and through its 20-day moving average and now finds itself resting at its 50 day SMA.
Of further note, it’s been five (5) months since Ripple has witnessed this type of volume explosion, whereby both investors/traders may want to take notice and pay heed.
As previously mentioned, while Ripple still has further work ahead in order to repair the technical damage inflicted over the course of 2018 and still trades well below its 200-day moving average, it’s days like yesterday that ‘may’ be the first shot across the bow that potentially fuels additional firepower in the days/weeks ahead.
Thus, both investors/traders may want to utilize the following levels for additional clues/evidence with respect to direction moving forward.
If XRP can spend the next several days churning/consolidating yesterdays thrust into higher ground, we may just have the making of a right shoulder in a potential inverted Head-and-Shoulders pattern that would certainly be constructive and healthy should such development materialize.
Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.
Therefore, while some pause and a breath would certainly do Ripple some good and allow it to build additional energy/cause for another attempt at loftier levels, both investors/traders may want to pay particular attention to the action in Ripple in the days/weeks ahead. We may just experience another rip into higher ground.
As always, Risk Management remains priority number one, especially when trading against the overall primary trend of the tape, which remains lower, for now.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of Trading View
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…