XRP Ripple is still trading in the wedge I identified some weeks ago, however using my new indicator I developed you can see just how long it’s been sitting there. Despite some volatility there appears to be still no breakout. I suggest the lacklustre activity around the SEC keeps investors cautious and risk-off about investing in this crypto.
As you may know, I did have a short term trade some time back that hit the top of the wedge and I closed it as it appeared to turn, which it did and dropped back to the bottom half of the wedge. I have a longer-term buy-in on the crypto in the hopes there will be big moves if anything ever happens with the SEC more than lawyers making them look silly and bringing a class action.
This is all going to take time so my plan is to keep buying more at the bottom of the wedge ready for a breakout, however, I am worried that the SEC pulling out may be priced in. However, I think the increased volume when exchanges allow trading again could be a big driver for the breakout. Otherwise, it’s going to mumble along and not go anywhere, probably best not to have too much of one’s portfolio invested in it at this stage.
You can get the indicator for your charts here
