I’ve been watching this for quite some time. Fundamental analysis has been hit and miss because the Information provided from Ripple, in terms of utility, has been spotty and confirmation of clients utilizing the ODL hasn’t been cut and dry. With that being said, i think some of the near term driving factors are clearer than before. For blockchain companies to succeed, we have to start seeing a symbiosis, of sorts, between the utility driving factors. IE, ethereum assisting XRP, assisting LINK—etc. The whole is greater than the sum of its parts—TEAM. “Together, Everyone Achieves More”. This ideology is finally coming to fruition in the crypto sector. And rightly so, the Remittance payments sector has been in dire need of “repair” for a decades. And when Institutions see the fruit on the trees in terms of costs savings, speed, efficiency, the sector will do an about face and rightly so.
The chart, if I’m doing this right—is relatively basic. On the weekly, we see a great setup of an inverse head and shoulders. Laid with the chart is your basic Fib retracement levels along with RSI, OBV, volume and MACD along with BBands. My leading indicator, OBV (which isn’t perfect) has been showing extreme strength in accumulation. Price, while decreasing, has been keeping the OBV high. Which is the ideal scenario for this indicator. RSI has been surprised, which can show weakness ( which can be good—trading psychology, remember)
So, what does it mean? It means a bullish trend is emerging. And with it being on the weekly timescale, the confirmation is, strictly in my own opinion, a buy signal.
*This is not investment advice; these are my opinions only and should not be misconstrued for anything but my opinion.*
The chart, if I’m doing this right—is relatively basic. On the weekly, we see a great setup of an inverse head and shoulders. Laid with the chart is your basic Fib retracement levels along with RSI, OBV, volume and MACD along with BBands. My leading indicator, OBV (which isn’t perfect) has been showing extreme strength in accumulation. Price, while decreasing, has been keeping the OBV high. Which is the ideal scenario for this indicator. RSI has been surprised, which can show weakness ( which can be good—trading psychology, remember)
So, what does it mean? It means a bullish trend is emerging. And with it being on the weekly timescale, the confirmation is, strictly in my own opinion, a buy signal.
*This is not investment advice; these are my opinions only and should not be misconstrued for anything but my opinion.*
Barbayzing