Crypto Contest January 31: Ripple
Ripple (Binance: XRPETH) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Ripple began a wave one advance on August 8, 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on December 19, 2018, and the red wave two (blue sub-waves a-b-c) correction ended on January 5 this year. If this wave count is correct, Ripple should be heading next towards the December 19, 2018 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Zooming out in the weekly chart, I believe Ripple is currently in the red wave three (blue sub-wave iii). The red wave three began on August 8, 2018.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Ripple offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. DustyBC covered the latest news yesterday.
If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ripple will takeout the December 19, 2018 peak".
If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ripple will drop below the January 5 low".
If you think Ripple is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Ripple will stay in a trading range between the January 5 low and the December 19, 2018 peak until March 7".
(Chart courtesy of Tradingview.com (log scale))
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Published by Maarnio
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Ripple will drop below the January 5 low (8 voters as of 3 PM EST February 3: bleujay, sqlinsix, bentleycapital, novus-locus, tzap90, jznsamuel, mitrado, galasek).
You won. Paid out from @maarnio1
Ripple will stay in a trading range between the January 5 low and the December 19, 2018 peak until March 7 (16 voters as of 3 PM EST February 3: freiheit50, mellofello, abh12345, allyouneedtoknow, reconnectnature, vicspics, techmax, sbcbot, kunschj, steem-d-anlovnit, toofasteddie, harryp3, mgood, fullcoverbetting, utkarshvarma, richard78624).
Ripple will takeout the December 19, 2018 peak (8 voters as of 3 PM EST February 3: diana.feuerberg, gregory-f, steemit.nemesis, crokkon, skepticology, barbadosso, lydon.sipe, ace108).
After so much criticism around Ripple my only question is: will it die by the hand of the haters, or will it be incredibly useful for cryptocurrencies mass adoption?
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