I love it when I’m right(ish). XRP Ripple managed to hit the top of my wedge that I’ve had sitting there for a while and bounce off in overnight trading. But where next. I am concerned there is little institutional money in the market at the moment because of regulations and what we are seeing is a concerted effort by retail trader bulls to get ready for the exchanges to start taking XRP again.
However, I also can’t see there being very many sellers in there. SO I would hope today a break out of the wedge and then heading towards becoming an upward trend. I have some short term XRP trading in there that I’m still keen to see at $0.80 or so before I close it and some longer-term I’m going to leave for a while. I know there are people talking of $10,$100 but I just can’t see it in the near future unless all those exchanges that have closed to XRP trading open their doors again, and from what I can see there is no reason for them not to.
So what’s holding the #RelistXRP happening?
Basically, I think what’s holding them back is they are applying for letters from the SEC confirming in writing they will not be prosecuted for allowing the trading in XRP to continue on their platforms. As soon as they get those letters announcements will start rolling in and I would have thought at that point or slightly before we may see some institutional money entering. However, if it doesn’t happen quickly I can see the price dropping back to the bottom of the wedge.
That’s my prediction at the moment, I think today might be D-Day and I’ll decide if my short-termers are staying in or I’m taking profit and waiting to buy at the bottom of the wedge again. I am probably going to be guided by MACD on this one although if it’s a fast move it may miss the turn (it’s not 100% accurate).