Manipulations or Trend Reversal in the XRP/USDT Pair?Sep 19, 2019
Experts and crypto enthusiasts are at variance about this, but Ripple’s CEO Brad Garlinghouse was able to convince the investors that neither he nor his team are interested in the crash of XRP. Just to remind you, yesterday Whale Alert detected and twitted about a major XPR transfer to Stellar’s Technical Director and MtGox founder Jed McCaleb. Later, three more transfers came to light, but these looked more like the actions of legitimate buyers.
As a result, the XRP/USDT pair price shot up to 0.3263, its highest mark since last August. The buyers, however, were not able to hold on to this level, and after a long flat the traders decided to lock in their profits and retreated back to 0.2820–0.2920. If the daily candlestick closes below this level, this will demonstrate the buyers’ weakness. The risk of the continued upwards movement remains high, so trailing seems to be the best tool to use in this situation.
Please take a look at MACD: the histogram level columns that are above zero mark signal the buyers’ advantage. The sliding averages point towards the trend reversal and continued growth over the medium term horizon. If the price goes beyond the Red Ichimoku Cloud, this will indicate the buyers’ strength and trigger the renewed price upsurge towards 0.3500-0.4000.