Will XRP Pump (Or Bomb) With Bitcoin? Slight Divergence Notated!
I just wrote a RED ALERT post about the Bitcoin breakout above the top of its parallel trading channel. This is a positive move that I expected, but I did NOT expect it to power through the top of the descending trading channel rooftop. It could be indicative of a market reversal, OR it could be a head fake that breaks the hearts of many if the move loses steam. I can't call it either way, and I am still stuck at 50/50 on what the next move is. Of course I immediately popped over to the XRP chart, expecting an identical power move to the up-side, and I was a little disappointed to see that it did NOT mirror the Bitcoin move. This could mean two things:
1) The BTC move IS a head fake, and is close to a continuance to resuming the downward trend. OR,
2) BTC will continue to surge, and after a brief lag, XRP could continue to move in lock-step with BTC. The only indication that lends to a continuance of the BTC move is Litecoin. LTC has historically been an early indicator of Bitcoin moves, and at the current time, it's looking bullish. For that reason, I miiiiiiiight be giving the move to the positive side for XRP a slight edge over the head fake theory. But it's too early to call, and I would caution anyone from getting overly excited just yet. But at the moment, the momentum for XRP looks like it is in the positive direction, as the stochastic is dead-center and clearly pointing in the upward direction.
Therefore, I am going to cautiously say that it's a little too early to tell right now. We might have to give this a few days to see what unfolds. I'll be excited to see what we are looking like first thing in the morning!
Carlton Flowers
The CryptoPro
1) The BTC move IS a head fake, and is close to a continuance to resuming the downward trend. OR,
2) BTC will continue to surge, and after a brief lag, XRP could continue to move in lock-step with BTC. The only indication that lends to a continuance of the BTC move is Litecoin. LTC has historically been an early indicator of Bitcoin moves, and at the current time, it's looking bullish. For that reason, I miiiiiiiight be giving the move to the positive side for XRP a slight edge over the head fake theory. But it's too early to call, and I would caution anyone from getting overly excited just yet. But at the moment, the momentum for XRP looks like it is in the positive direction, as the stochastic is dead-center and clearly pointing in the upward direction.
Therefore, I am going to cautiously say that it's a little too early to tell right now. We might have to give this a few days to see what unfolds. I'll be excited to see what we are looking like first thing in the morning!
Carlton Flowers
The CryptoPro