{"id":564831,"date":"2020-12-02T16:13:41","date_gmt":"2020-12-02T13:13:41","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564831"},"modified":"2020-12-02T16:13:41","modified_gmt":"2020-12-02T13:13:41","slug":"xrps-symmetrical-triangle-hints-of-a-breakout-past-0-80","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/xrps-symmetrical-triangle-hints-of-a-breakout-past-0-80\/","title":{"rendered":"XRP’s Symmetrical Triangle Hints of a Breakout Past $0.80"},"content":{"rendered":"
Quick take:<\/strong><\/p>\n From around the 28th of November, the remittance coin of XRP<\/a> has been consolidating around the $0.60 price area. As a result, a symmetrical triangle has formed on the 6-hour chart that has its genesis at the recent peak value of $0.80 – BitStamp rate. The screenshot below, courtesy of Tradingview, further demonstrates this fact.<\/p>\n <\/a><\/p>\n Also from the chart above, the following can be observed.<\/p>\n From a news and fundamentals point of view, the Flare Networks snapshot is on the 12th of this month at 00:00 UTC. This then means that XRP investors are preparing<\/a> to participate in the event.<\/p>\n However, based on past snapshots of other digital assets, there is a high probability of massive selling of XRP right after the snapshot. This is due to the fact that most investors bought XRP due to the incentive of free Spark Tokens (FLR) to be distributed next year.<\/p>\n The rally from $0.30 to $0.78 and an increase of new XRP accounts<\/a>, is evidence that the free Spark Tokens is behind investor interest in XRP<\/a>.<\/p>\n Connecting the dots, the same investors who did not own XRP before the Flare Networks snapshot will probably sell after the event.\u00a0If the selling of XRP does indeed happen, the bottom of such a sell-off might be a good place to accumulate more XRP in preparation for next year when Flare Networks introduces DeFi into the XRP ecosystem.<\/p>\n\n
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XRP has till December 12th to Thrive, At Least in the Short-Term<\/h2>\n
XRP’s Price Also Depends on Bitcoin Being Stable<\/h2>\n