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.
The US Dollar is the world’s reserve fiat currency as to English is the world’s universal language.
Almost every markets whether in Forex, Commodities, Futures, Indices, Stocks, even Cryptocurrencies and the rest, name them all, are all correlated and connected to the greenback, the USD.
This is my little secret why I didn’t immediately sell my XRPUSD long positions since last night up to earlier this morning where the XRP’s price dropped from 0.27 level to as low as 0.25! Comeback is real! That is a very popular phrase in online games like Dota 2 and Mobile Legends. The XRP even the King coins Bitcoin and Ethereum showed an example of that! :-) Wohoo!
Image courtesy of Cnbc.com and Criptovalute24.com
I mentioned in my analysis last night that I must not let my emotions take control when I saw how red the XRPUSD has become! Sanity prevailed as my favorite Altcoin, the world’s fastest cryptocurrency, shown signs of recovery and it did well. STRONGLY and SLOWLY pushing its price back to the 0.27 cent level. It is currently on a mission to break the 0.27 barrier then the 0.28 then the 0.29 then beyond my wildest imagination even its all-time-highs. Who knows? ;-)
Read my XRPUSD Technical Analysis last night as reference to this article:
Daily XRPUSD Technical Analysis – August 27, 2020
The ironic annual Jackson Hole Symposium has not saved the US dollar! Instead of saving the reserve currency, the Federal Reserve System or simply FED just drowned the already drowning USD to even deeper waters as more and more angry US citizens not happy with their changed policy. So in short, this event worsen USD’s shape in the markets.
Check out my charts last night just before the Jackson Hole event:
Image courtesy of Tradingview.com
Check this next chart image after the event:
Image courtesy of Tradingview.com
Nice right? The King coins BTC and ETH together with XRP and BHC are back on the green department while one of the world’s most valued blue-chip stock Apple fall into the red-land. The USD’s condition worsened to a negative 0.27%. Take note that the XAUUSD or GOLD has also benefited from the aftermath of the said event.
Are these things just happened by coincidence? It’s up to you to decide as I am showing you my own analysis.
That is why I always remind my readers and followers that if you want to enter Crypto trading, always do a lot of your OWN research!
Fundamental News analysis like this always go par with the charts technical analysis.
Once again, I have anticipated an insight based on the current news that might affect the XRP’s price. This is a concrete example and can be applied to all kinds of trading.
I repeat, please read again my disclaimer above!
News Articles references:
https://www.acy.com/en-int/market-analysis/28-08-20-5466/
https://www.cnbc.com/2020/08/27/jerome-powell-fed-speech-live-updates.html
Hope you enjoyed reading! God bless. :-)
