Today, I'd like to give my #Steemit followers a #CryptoUpdate on the controversial #Ripple (XRP) #crypto coin!
If you're new to the #cryptocurrency #investing #market, the Ripple #altcoin is considerably different from other assets in that it can't be mined. But the most important factor is that Ripple is centralized -- a corporation actually owns the Ripple #blockchain.
That is completely dissimilar to #Bitcoin and so many other cryptocurrency assets, in that nobody owns Bitcoin. With Ripple, those with an equity stake in the holding company potentially have leverage towards its future trajectory.
I'm not a big fan of that, and neither are many crypto investors. However, it is profitable, so I want to share my thoughts.
Here's the #Japanese candlestick chart:
Some key takeaways:
- Support line prior to Beg/February of this year was $1.20
- Today, $1.20 represents strong resistance
- Intra-day sessions have touched $1.20, but have not decisively crossed above it
Where will Ripple go? It truly depends on whether or not XRP can break through this frustrating consolidation period.
I take this phase as a make it or break it moment in the nearer-term; if XRP can't break out past $1.20, expect more consolidation before we see a strong move higher.
XRP over $10 in 2018. Mark it down.
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Over $10? Alright, I'll take your word for it! :)
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Make or break time indeed. I think if it fails to cross that $1.20 resistance in the next couple of days then we'll have another decline followed by a re-test within a month.
Hoping that XRP can ride on the overall steady crypto uptrend right now though. The overall market cap is over $500 billion at the moment although most are focused on BTC at the moment.
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