Whale Hiding XRP Buildup Could Drive Price Up to $ 1.50
Ripple’s XRP cryptocurrency price has established a good support area near the $ 0.80 area. Since the lightning on December 5, XRP has shown some resistance and stability as it forms somewhat stable support.
XRP pricing forms support an area close to $ 0.75 USD, the accumulation of XRP by whales is significant
Ripple’s XRP cryptocurrency price action has been mostly on par with the rest of the crypto market, underperforming or outperforming its peers since the December 5 lightning crash.
However, a recent Tweet from Santiment reported that whales had accumulated large amounts of XRP throughout 2021, particularly in the past three months.
Santiment reported that XRP price directions that have between one million and ten million XRP had increased their holdings by 6% in the last six months. Suppose the adage to follow what institutional money does is true. In this case, entities with strong capital and risk management procedures are very optimistic about XRP despite clouds of uncertainty with the SEC.
From a technical analysis perspective, the price of the cryptocurrency XRP (Ripple) has an ideal bullish entry that develops on its point-and-figure reversal chart of $ 0.02 / 3 boxes. The input is based on a point and figure analysis model known as the pole model. The input is in the inversion of 3 squares of the current Os column. However, this entry requires active observation because the end of column O is unknown.
The hypothetical long entry is a buy stop order (at time of publication) at $ 0.84, the stop loss is a 5-box stop loss, and the profit target is $ 1.50. Currently, this hypothetical trade setup represents a 6.6: 1 payoff for the risky trade setup.
Reminder: this is a pole pattern entry, so if the price of cryptocurrency XRP were to drop two or more, the entry would drop as well.
There are no override conditions in this point-and-figure pattern. Any further price drop would likely make it a cutting edge model with the same entry criteria (3-box inversion) as the pole model.
Pair Jonathan Morgan, FXStreet
Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the trading and technical analysis categories.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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