XRP Trend Based Analysis (Trend Channels, Fibonacci, and News)

The company ripple has come out with plenty of tangible positive news in the recent months. I feel the distaste towards it's XRP asset is far out weighed by the positivity in regards to the actual progress the company is making. The company is noticeably focused on the health of the XRP ecosystem. After the recent hysteria within the Cryptocurrency world, XRP has settled in a very favorable zone, bouncing between the 50 and 38 fib zone. There's no reason to predict a bearish trend at this point, as the company itself has confirmed that the MoneyGram partnership is just the tip of the iceberg. I see two bull trend channels and no reason to see long term trend reversal. Price prediction is a futile endeavor in my opinion but have no reason to believe in anything but positive gains.

First published idea so very open to hearing more analysis. Typically I prefer hearing chart analysis coupled with the real world news in regard to the asset in question.

Commentaire:

I am fairly confident that an ABC Correction has completed since the all time high. Looks like the Bears have been exhausted as we can see an abundance of Doji candles, meaning indecisiveness in the market. This typically is an indicator of a trend reversal. Look for some news to be released by Ripple in the near future. My guess is positive 4th quarter reports, that should trigger a long term Bull Run and the formation of a new Elliot wave, similar to the one that led to the previous all time high.

Commentaire:

Check out the related idea below for a visual representation.

Commentaire:

Looks like it broke out of the channel, but is looking to re-enter.