From about 18 to about 30 in just 6 weeks time, that ain’t bad.
That’s in cents not dollars, though, giving the cryptocurrency that goes by the name of XRP the dramatic price action feel (somewhat) of those infamous penny stocks from Blinder Robinson that traded crazily in the 80’s.
The crypto’s in general have had a good summer of price action, some in dollars and some in pennies — but it’s XRP that’s of interest since my card counting friend in Las Vegas had mentioned it and I wrote about it here in XRP Is The Crypto To Watch, Says Vegas Blackjack Pro.
That posted on July 16th and it was just a few days later that the thing broke above previous resistance at 21 and took off for the much higher price level. At the time I took a bit of heat from experts on Twitter for suggesting that a pro at the 21 tables might have advice about anything crypto. Now it looks like my friend was right.
Maybe he just got lucky, who knows?
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Anyway, just for the record, XRP looks like this now on the daily price chart:
After tracking mostly sideways to slightly down in price from May to July, you can see the late July breakout. XRP had been unable to rise above the Ichimoku cloud for weeks but then got there easily on some volume. It looks like the selling that comes in at above 31 is likely to be significant enough to prevent further upside, at least for now.
The XRP weekly price chart looks like this:
Like the other cryptocurrencies, XRP has a long way to go to make it back up to the early 2018 highs. Clearly. What’s interesting here is the increase in buying volume that is shown for this summer. The other thing is that price may be about to break above the weekly Ichimoku cloud for the first time in a couple of years. It’s almost there.
The dramatic drop in price is clearly evident on the monthly time frame — from the January, 2018 peak until the much lower present. Take a look at the moving average convergence/divergence (MACD) indicator below the price chart: the shorter-term time line is just now crossing above the longer, a positive sign on that measure. Whether it turns out to be an actual buy signal remains to be seen.
This is just a form of price chart analysis where trend is identified and the potential support and resistance levels are suggested — a serious investor or trader would want to research the fundamentals and formation of a cryptocurrency like XRP or any of the cryptos before taking any action. Past performance is no guarantee of future results.
I do not hold positions in these investments. No recommendations are made one way or the other. If you’re an investor, you’d want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.