What's up traders, I'm back with a brand new market insight on cryptocurrencies, today I'm looking at the 12h chart with XRP/BTC.
This is my first piece of analysis since my prediction back in April 2017 when I predicted the breakout from $0.03, you can check it out here.
Ever since investing in Ripple in early 2017 I've always had a long term target of $1 based on the technical aspect of the asset and the fundamental background of the company.
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
(Since Ripple achieved a new all time high the asset has depreciated 85% and created a market low at 3450).
You can see the curve illustrated is similar to the one we previously experienced this year.
The present curve is acting as a resistance barrier which is keeping price from breaking out, as you can see we have formed a solid support trendline and price is now being squeezed between 4000 and 6000.
We need a lot of volume behind this move for it to be successful, I believe the SWELL conference can provide this if the result is positive.
To all of you who are not aware Ripple are holding the SWELL conference in Toronto over the next 3 days and this will impact the short term direction of Ripple, you can tune in to watch it live here: https://swell.ripple.com/
A lot of hype has been built up around this event but it was shortly buried as BTC stole the spotlight with a move to around $6,000.
I'll be sure to update this move as it progresses, I look forward to watching the live feed for SWELL and see how the market reacts, if the result is negative I still believe Ripple to be an excellent addition to anyones portfolio over the longer term.
Click here to view my original post on TradingView.
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