Failed break of descending channel - Short until SBI Launch

22 Feb 2019

XRP failed to break out of descending wedge which has been a consistent psychological barrier since mid-September. Opportunity for a short position down to 0.22 USD. Take profits 1-2 weeks in advance of SBI launch date which will be on the 31st of March. I do believe this is a 'sell the rumour buy the news' trade setups, since demand will be primarily driven by the exchange opening rather than the expectation that it will be opening. Since SBI have delayed the opening date several times the market does not know how to accurately process the information.

24 Feb 2019

Catatan

Very nice dump off the double top, as expected. Take profits here, likely retrace.

I believe this is a final shake-off before a massive rally towards 0.58, which a major point of resistance on the weekly chart.