Hi traders, so we have been tracking Ripple for the past few days and here is a slight update on the current status. As you can see from the chart, Ripple has formed a trading range that could be both: an accumulation (if we brake up from the trading range) or a redistribution (if we break down). Once we get a breakout, we will understand and have a better view of the next move.
It is a big ass head and shoulders pattern,dont you think?
Braller
⋅
Given that they're planning to move up to 1 billion XRP out of escrow every month to sell it in order to stabilize the price ( ripple.com/dev-blog/explanation-ripples-xrp-escrow/ ) the movement may be intentionally kept within a boundary. There's a huge cloud of 55 billion XRP sitting there waiting to be released at points in time that are not openly defined as far as I know. This will hover over XRP for at least 5 years (55 / 12 months).
So either move can and will be manipulated/cushioned by the ripple company using intransparent mechanics. Ripple probably now makes many millions of US$ daily by controlling this swing trade.
@Braller, That upthrust was caused by the moneygram co-op news.
i'm guessing they use news strategically, and might use their control to manipulate the price after their court date with R3.
If they lose, it is in their benefit to lower the price.
abdullatrader
⋅
@MVPMC, I think they might have used the news to sort of support prices as Ripple was falling quickly. It seems the plan worked as prices are more steady and trending sideways.
barrythehomeowner
⋅
@AAlFadhala You always right on point. Thank you!
In that particular case, I see XRP moving with BTC....as well as majority of others in today's fall .....can we assume this breakout is not that meaningful?
MagicPoopCannon
⋅
LOL
abdqeb
⋅
@MagicPoopCannon, I like your analysis, but why do you post LOL everywhere?