Hello again, updating my chart once again and shall keep doing so till it continues to remain valid..
We did break through the 0.49 mark that I had mentioned earlier but XRP fought back any further decline below 0.45 mark quite well and continued to stay there, consolidating its stand. The movement is still within the 2nd triangle but is now moving closer and closer to the vertex of the triangle, looking for a break out.
The current movement of XRP is trying to break above the 0.51 level mark which is within the 0.49-0.51 resistance range, this resistance is further solidified by 1) the extension of the upper trend line of last year's pre-breakout period and 2) the 21 EMA line. At this point, breaking this is the key to further gains IMO (marked as 1 on the graph), a failure to break this will see a decline again towards the 0.45 level where XRP would consolidate again to make a push (marked as 2 on the graph).
There is a very very unlikely third scenario, breaking below the triangle, should that happen, we would most likely see 0.31 levels and when that recovery might happen.. well.. I dont think anyone would be interested to know as all would have given up hope :(
Whether we break this key resistance today or in next couple of weeks is to be seen, but break it will this month, considering the launch of SBI exchange on the 18th of July and the NASDAQ backed exchange on the 25th of July. For XRP to rise independently, these two exchanges will help in decoupling it from all the baggage that BTC carries with it.
I strongly believe that July and September (crucial months) will light the path that XRP will take and in my opinion with all thats going on for Ripple labs, there is only one path for XRP and that is UP.
Once again, I may be completely wrong and delusional.. so please form your own opinions and trade wisely.. Best of luck to all
We did break through the 0.49 mark that I had mentioned earlier but XRP fought back any further decline below 0.45 mark quite well and continued to stay there, consolidating its stand. The movement is still within the 2nd triangle but is now moving closer and closer to the vertex of the triangle, looking for a break out.
The current movement of XRP is trying to break above the 0.51 level mark which is within the 0.49-0.51 resistance range, this resistance is further solidified by 1) the extension of the upper trend line of last year's pre-breakout period and 2) the 21 EMA line. At this point, breaking this is the key to further gains IMO (marked as 1 on the graph), a failure to break this will see a decline again towards the 0.45 level where XRP would consolidate again to make a push (marked as 2 on the graph).
There is a very very unlikely third scenario, breaking below the triangle, should that happen, we would most likely see 0.31 levels and when that recovery might happen.. well.. I dont think anyone would be interested to know as all would have given up hope :(
Whether we break this key resistance today or in next couple of weeks is to be seen, but break it will this month, considering the launch of SBI exchange on the 18th of July and the NASDAQ backed exchange on the 25th of July. For XRP to rise independently, these two exchanges will help in decoupling it from all the baggage that BTC carries with it.
I strongly believe that July and September (crucial months) will light the path that XRP will take and in my opinion with all thats going on for Ripple labs, there is only one path for XRP and that is UP.
Once again, I may be completely wrong and delusional.. so please form your own opinions and trade wisely.. Best of luck to all