It feels like ages ago that we covered XRP in the public domain. In our cryptocurrency investing research service though we do cover XRP continuously. In our research service we features lots of charts that never see the ‘day light’ … and from time to time we make an exception. In this article we do include a close up of the current XRP chart setup which is certainly ‘special’ (to say the least).
Followers do know by now that we stick to classic investing principles when assessing cryptocurrencies. They work pretty well.
Where cryptocurrencies differ from more traditional investments is in the level of volatility, hence the speed at which they change and create (new) chart patterns.
XRP’s long term chart has just a few crucially important trends. Even though XRP has a very complex chart setup, the red line trends are limited.
The long term charts reflect dominant patterns. They are THE most important charts to monitor.
In order to respect our premium members we will not feature the entire long term chart of XRP. We only provide a close up view.
Below is XRP’s daily chart on 4 months. There are a few important patterns visible:
- A 2 year trendline that is being ‘tested’ as we speak, acting as resistance now even though XRP ‘crushed’ this trendline in the third week of January (one month before it got ‘stopped cold’ by the Corona crash).
- A 3 year trendline which it was able to break this week.
- A 3 year giant bullish reversal pattern.
- A short term bullish triangle which got ‘confirmed’ earlier this week.
XRP might hesitate around current levels, but suffice it to say that XRP has not gone anywhere in recent weeks. The fact that it came back up now confirms that its long term bullish potential is still ‘active’.
Why do we explain all this? Because we firmly believe that the most promising long term investments are forgotten markets or stocks (in this case digital coin) especially if they have tremendously solid fundamentals.
The fact that XRP looks ‘sandwiched’ between its long term trendlines, significantly above very long term support, is not a bad sign per se. On the contrary, it can have a greatly bullish outcome on the long run.
Short term we keep a close eye on what happens in between those long term trendlines, combined with our ‘north star’ which is BTC. It will tell a lot about the future.
In our premium crypto service we continue to provide detailed coverage of digital coins, and have reduced our top 10 favorite cryptocurrencies into a top 5 list. Easy to handle, easy to remember, easy to track.