jonoridler
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XRPUSD - Penny stock on crack?

BITSTAMP:XRPUSD   Ripple幣 / 美元
Let me first say, that I am a value investor first and foremost, and use technical analysis as a guide for entry or exit points only if these align with fundamentals. However, with the recent price action in the crypto market, I couldn't help but put in my 2c. The current action in XRPUSD reminds me exactly of many of the penny stock plays that I have watched over the years. First a period of accumulation, followed by a parabolic rise, and inevitably a slow unwind. Amateur "investors" become emotional, and hold far too long in hope of a bounce in price back to previous highs. I could be very wrong, but I can see XRP testing the support of around 87c in the near future.
I can't see how it can break all of those support levels and go down, especially since the original downward trend was due to misreported Asia news, China New Years and the yearly drop in prices around January 15th. The market rebounds every year after January drop, which I believe is happening now so I can't see another major 50% drop unless something very strange happens. You never know though...lol
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jonoridler RichardBranson
@RichardBranson, thanks for your comments. To draw another parallel with the equity market, I have seen on numerous occasions penny stocks that have failed to recover after losing the momentum which carried them through to what can be historically determined as the peak. The drive toward the peak is often driven by fundamental events, but one cannot dismiss the effect of momentum in this. Momentum begets momentum, and the price will increase to a point that is attractive enough for initial investors to sell, who will then do so. As the price drops, selling begets selling, and the trend reverses. Fundamental catalysts do certainly have a part to play in all of this, but only to the extent that the market allows, given the separation of cryptocurrencies from any form of objective value determination. This is only my armchair analysis of all of this - and there are certainly pros that would know plenty more on the topic!
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Indeed it certainly is an alternate scenario worth considering. Thank you!
Using simple, clean lines... not complicating anything...
Just hope it pushes up.

Note: https://www.reddit.com/r/Ripple/

Japan major financial institutions SBI holdings (SoftBank Investments 7.5USD billion) CEO Mr Kitano supporting XRP confirmed in local newspaper 1/18, against all the headwinds from Korea, China, India, Indonesia and Malaysia. i.redd.it

submitted 11 hours ago by miwash505


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jonoridler WizardOfRealms
@WizardOfRealms, let's see what happens next!
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WizardOfRealms jonoridler
@jonoridler, Look at this chart... I created... MA (5) is pushing upward - coin going upward! XRP. https://www.tradingview.com/chart/ASZsicrt/
To look at the whole chart left click in an area and use the mouse scroll (in and out). You can also hold the left mouse button and drag to where you want.
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Very interesting perspective, thank you.
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WizardOfRealms banksy6666
@banksy6666, @jonoridler, Look at this chart... I created... MA (5) is pushing upward - coin going upward! XRP. https://www.tradingview.com/chart/ASZsicrt/
To look at the whole chart left click in an area and use the mouse scroll (in and out). You can also hold the left mouse button and drag to where you want.
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