My watchlist is going nuts today. It seems that a lot of cryptocurrencies have decided to break out this week, and I don't even have enough money to buy into all of them. This is a first for me.😂
And I never believed that XRP would be on my watchlist, but here we are, with me about to trade it.
I've never really liked XRP, mainly because of one reason: It's price.
Not that I hate the coin, but I feel that with such great tokenomics, the price should be a bit higher.
The reasons for it not being higher are numerous, but the major one is the unlimited supply. For a coin this great, there should have at least been limited supply for it, so that it could pump a lot in price. That's for another post though.
Let me throw up an XRP chart so I can show you what I mean.
I was too lazy to draw up my own chart, so I borrowed one from @CryptoLimbo on twitter. Follow him for some great education!
I've been experimenting with the Ichimoku Cloud trading technique. It seems to give great results.
I won't be explaining it here though. There are great posts out there that do it for free.
So let's get to my bias.
XRP has had a nice little run up, with prices approaching the 200 day MA. Should this continue, as prices have risen from a strong support, we could see a breakout to 0.34 USD, which would be incredible.
I don't have a bearish bias because I don't need to. This price action is purely bullish to me.
However, Bitcoin's moves could play a determining factor in this movement of prices. If Bitcoin goes up or down aggressively, this setup would be terribly ruined.
However, if Bitcoin remains sane, we might be seeing an amazing short term bull run for XRP.
Remember to DYOR, and stay safe!