Triple Top Forming for XRP - twitter bullish though?
Theres some tweets circulating around about xrp regarding smart contracts - I have not yet read into it but one of my key goals is to compare twitter to actuals and so I'm starting this one off thin and will update as I understand more. in the short term Im holding off on any entry into XRP. I suspect we will be testing the support line in the next day or so indicated by d.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
From what I can tell, XRP has entered a double or triple top channel - we're only half way into it potentially (and it may even close off as a double top) but what I find interesting about ripple is that near on all of its movement has been driven by twitter; some common tweets which get a lot of engagement are "ripple to $2000 this year?" (notably the tweeter or those liking and sharing the tweet don't understand market cap and therefore the impossible nature of such a hike). It seems to create euphoric "alphas" on the coin and well... euphoria is euphoric.
Currently people are bullish on twitter because
- likely going to win a court case against the SEC - this is floating euphoria
- XRP Army very influential on ripple with a large and maximalist style following
- competitor to ADA, XRP army loves to "sh*t on ADA" - they're treated like rivals - but frankly the networks are not similar at all - but competition breads fandom
- a lot of media attention
intotheblock doesn't feature XRP due to is speculative nature so unfortunately I cannot share any detail from there. In the immediate term, it'll be interesting to watch and see what happens with XRP in its current form - one thing is for sure, twitter is a little over-excited; the end of the SEC trial isn't due for completion until December.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
From what I can tell, XRP has entered a double or triple top channel - we're only half way into it potentially (and it may even close off as a double top) but what I find interesting about ripple is that near on all of its movement has been driven by twitter; some common tweets which get a lot of engagement are "ripple to $2000 this year?" (notably the tweeter or those liking and sharing the tweet don't understand market cap and therefore the impossible nature of such a hike). It seems to create euphoric "alphas" on the coin and well... euphoria is euphoric.
Currently people are bullish on twitter because
- likely going to win a court case against the SEC - this is floating euphoria
- XRP Army very influential on ripple with a large and maximalist style following
- competitor to ADA, XRP army loves to "sh*t on ADA" - they're treated like rivals - but frankly the networks are not similar at all - but competition breads fandom
- a lot of media attention
intotheblock doesn't feature XRP due to is speculative nature so unfortunately I cannot share any detail from there. In the immediate term, it'll be interesting to watch and see what happens with XRP in its current form - one thing is for sure, twitter is a little over-excited; the end of the SEC trial isn't due for completion until December.
Comment:
XRP seems to be holding to the triple top pattern but only just, there's a strange rally occuring with BTC and ETH which I think is an exhaustive push that may reverse, will keep watching to see what happens
Comment:
triple top seems unlikely, maybe worth watching out for 9MA crossing over the 50MA leading to a move down - i think that'll be a key indicator to watch currently. the fact that XRP hasn't reacted to the recent BTC/ETH price pump suggests a very bearish outlook on the coin currently.