XRP in a decisive moment: end of a cycle?
Disclaimer: I am no professional. This is an amateur view, intended to trigger healthy conversations over this chart.
Comment:
HAHA, about topic 1, I just read Ripple will take over money gram to push XRP. Price is already reacting.
This time, not only the chart shows a repetitive behavior, but also the moment is adequate to a bold move. If you look at the chart, you can notice a repetition playing accurately over time. This patterns, although, only happened in the last year and a half ( from early 2017, when XRP rose more than 50x over BTC). That, plus the moment we are living (this crypto recovery), indicate to me we are closing a cycle for XRP and most alts.
On the other hand, many elements remind us that technical analysis is not an exact science and future telling is not part of it. I will enumerate some facts that keep me in doubt on the trend direction:
1 Complete lack of earth shattering news and rumours - Ripple labs and SBI are too quiet these days. This happens mostly before those kinds of news.
2 Ripple CTO, David Schwartz, sold part of his stake of XRP a few months back. What could be more bearish?
3 BAKKT will launch - is a widely known fact that BAKKT intends to offer XRP to its costumers.
4 Competition is showing up - Facebook global coin, Visa blockchain and other cryptos are being advertised as the doom for Ripple.
5 Ripple labs announced they will reduce their monthly sale of XRP - this is a mixed signal, tells that they are struggling to sell their stake but also means inflation will go down.
6 End of futures contracts on june 28.
See? If you were caught in a roller coaster of hopes and despair over this matter, you know how I feel.
What long term chart shows us is that XRP is inside an upward channel that, TO THIS VERY MOMENT, does not show indications of a change in direction, not in U$D nor BTC. Both XRP/BTC and XRP/USD charts point to june 24 (close to end of XRP futures) as a date for a decision but again, TA is not an exact science.
Please, leave me your opinion. Thank you for reading!