DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Today marks my 40th day of long trading the XRPUSD or just simply holding XRP and still waiting for an explosive break-out.
This question is keep on ringing in my ears:
Can XRP break its previous ATH $3.84 this year? :-(
Image courtesy of dailyhodl.com
I have to be honest, I need to be seriously discussing out the facts of the XRP this year.
It faces a lot of controversies. From Garlinghouse Garlinghouse Hinting XRP IPO to Jed McCaleb’s non-stop selling XRP spree. These news are hurting the XRP and the investors are not happy. More and more are turning its back from the coins they first believe in. :-(
That is making me sad as there are still believers left. Like me.
My yearly look at XRPUSD:
Based on my chart, XRPUSD’s highest high for 2020 is from the month of February 2020. Then it went on a bearish trend from that month onward until XRPUSD risen from the falling on mid July which is the best bull-run for this year. August 2020 gave XRP its fresh 6-month high at 0.32609 before it went back to the 0.28 trading level at the time of writing this article.
XRP is one of the Top 10 Cryptocurrencies who still crumbling below 90% from its only all-time-high at $3.84 USD last Jan 04, 2018. Courtesy of https://coinmarketcap.com/currencies/xrp/ for the stats.
In fact XRP is now sitting at the 3rd spot in regards to its market capitalization. Just sitting loud and proud besides the King coins BTC and ETH.
Image Courtesy of Binance.com (screenshot at the time of writing this article)
No other altcoin can hold position like that amidst facing lots of controversies. XRP has a lot to offer from being the fastest crypto currency in the world and can solve fiat volatile concerns because of its quick transaction speed time. Thus, its utility value is top-notched and underrated despite it’s meager price.
With all that saying, those are still not enough to bring the XRP to its former ATH at least by 10% which the current price is in 7.20% only. :-(
Even though, XRP has been consolidating. Staying within a narrow trading range between $0.28 and $0.32. These are not enough to avoid the selling pressures. Courtesy of https://cryptobriefing.com/bitcoin-ethereum-xrp-prepare-explosive-price-movement/.
For me that’s a healthy move for the XRP. I know it is preparing for massive break-out. Only time will tell. But if things turn out ugly, I will bid my goodbye to my 9 XRP long positions and sell when it reach its final support at 0.2700+ level. I can say that because seeing the selling pressure of that range is inevitable.
As always, please, please do read my disclaimer above! This is not a financial advise but my own diary of trading.
Thanks a lot for reading. Have a great day. God bless!