2018-10-3 18:25 |
“Buy the rumor, sell the news” is an old Wall Street axiom.
Many believe we are now at the selling part for Ripple’s token XRP. It has just announced its launch of the xRapid product at this week’s Swell Conference in San Francisco, and there were some large appreciations in the anticipations building up to the announcement. XRP appreciated from $0.27 to highs near $0.79 in anticipation of the release of xRapid. It has since retraced and is now trading at $0.53.
The RSI is dropping, and the MACD is converging to the downside showing increasing momentum to the downside. The MACD is about to cross its signal line to the downside, a bearish indicator. A recent bearish divergence occurred between price and RSI where the price was forming higher highs while RSI was dropping showing that price was increasing despite buyer momentum falling off.
XRP Daily Analysis. Ripple Daily Chart – Source: Tradingview.comAlthough the recent large appreciation separates XRP apart from the rest of the market for the moment, the performance of the altcoin market is still largely related to the performance of the market leader Bitcoin. Bitcoin currently represents approximately 52% of the total market cap of cryptocurrencies.
Bitcoin has been forming a triangle pattern since January, and with volatility at 2018 lows, many are anticipating a bullish or bearish breakout. Although XRP looks likely to retrace, either way, it will be more likely to keep its value or even further appreciate if a bullish breakout occurs in Bitcoin.
Bitcoin Triangle Pattern. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: xRapid product launched with three customers. Huge appreciation in the buildup to the launch of xRapid makes retracement in XRP more likely. Traders are also advised to monitor triangle pattern occurring in Bitcoin. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Buy the Rumor, Sell the XRP? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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