Today, Ripple (XRP) coin again failed to break past $1.20 resistance, and is now at time of writing straddling a buck.
#Ripple at this juncture is similar to the U.S. Olympics team at this year's Winter Games, as in, disappointing. So I'm holding off on making major purchases of the Ripple #cryptocurrency until I get a better read on the situation.
Here's the XRP candlestick chart:
Some key takeaways:
- Trading over the last few weeks have been too pensive (small bodied candlesticks)
- Prior support zone starts at around 75 cents (highlighted in yellow box)
- XRP has to hold at this last support; otherwise, it risks severe technical damage
Just an hour ago, Coindesk published an article about Ripple, stating how the company wants to do a refresh on its venture. Essentially, it wants to bolster its relationship with its major banking and financial partners.
That's all fine and dandy; however, a major impediment to Ripple longer-term is its lack of transparency. We don't really know what these "business relationships" mean. Is it an actual contract to use the Ripple #blockchain? Or is it just a "we'll get back to you" sort of thing?
I don't think anybody knows...it's just speculation driven by the "telephone game" played over the blockchain. For now, I'm just sitting tidy, and waiting for a better entry point.