Ripple (XRPUSD)

[Going_4_It]

Gman3343, Everyone wants to know how these rallies start and how long they will continue.

From my viewpoint, this recent short-lived BTC rally was caused, at least partly, by Brexit which was supposed to happen on Friday (today). This led to some speculative near-panic buying of crypto in Europe. Apparently, there are several countries, other than the UK, that are considering leaving the European Union. Hence the dumping of the Euro and the massive buying of Bitcoin, et al.

But yesterday the European Union pushed Brexit back to October. Almost immediately the buying pressure was removed and that started an "unwinding" of the rally.

There are other competing opinions about the source of the current rally. For example, Forbes was the first to run a story about a crypto "whale" who put $100M to work buying Bitcoin on four exchanges, to jump-start the rally. A hundred million dollars could be absorbed within a few hours. But the buying continued for two days longer, followed by a stall and then a selloff.

These several explanations certainly could be true. But I think the Brexit situation is the most accurate based on watching the market action starting about midnight when the european financial markets opens. The asian markets open about 4PM my local time.

I believe that Bitcoin and the cryptos in general will respond to noteworthy international events that happen in one or more of the three biggest crypto markets. So we need to watch the world for the next external event that MIGHT trigger another rally.

All in all, this rally was good for a solid 15% gain in my portfolio. I sold profitably into the rally at the start and then put my profit back into the market yesterday, buying more XRP and their nearest competitor XLM.

Good Luck.