Manoj B Rawal
Independent Analyst
- Triangle in the making in the short term charts.
- Could be a false breakout too.
- JP Morgan hires 29-year old Oliver Harris as its new head of crypto-asset strategy.
Ripple prices are making a trinagle pattern in the short term charts, that should excite bulls but before the bulls get excited they would do good to themselves to read the fine print of this trinagle formation - base of the triangle has a start that can't be trusted.
XRP/USD is currently down more than 4 percent on day at $0.676, almost near the low point of the day, which is at $0.6752. On the 240-minute chart, there's a triangle formation in the making which is a bullish sign, but here's a hitch. Starting point of the base of the triangle is formed by a candle when XRP saw sudden steep decline and then a sudden bounce, usually such candles are formed either by a fat finger or an algo gone wrong. Since institutional investors still not big time into the cryptos, chances of this being an algo trade seems slim and hence chances of this triangle resulting into a false triangle are on a higher side. Immediate strong resistance for now is at $0.71, around the upper line of the trinagle, while support is placed at $0.665.
JP Morgan, whose exec Jamie DImon has been one of the earliest opponent and the most critique of Bitcoin and cryptocurrencies, has hired a 29-year old Oliver Harris as its new head of crypto-asset strategy. Harris has been running the bank's In Residence fintech program for the past two years.
XRP/USD 240-minute chart:
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