XRP Enters The Final Buying Zone!
Updated
Hey guys. Mandatory XRP update. Since my last analysis on XRP, we've actually broken down out of the wedge and targeted the next green buying zone after 7200-7400 failed to hold. I was wrong in expecting XRP to break out of the wedge sooner without testing lower levels, but in my recent video I did say this was possible, but that XRP shouldn't linger down there for too long. The good thing is, XRP has actually risen a bit in USD value (as I expected it would). You can see we've clearly broken the downtrend and retested it as support (log scale): 
This gives us immediate targets around $0.44 and $0.56.
In terms of Bitcoin value, I think it's possible we have one last wick to near the 6000 zone (ideally staying above 6200), which aligns with a potential linear uptrend (light blue). RSI is deep in oversold territory and stoch has flatlined on the bottom. We could also bounce up any moment now, since we're already sitting at the same potential uptrend on the log scale. I actually like to use both log and linear, because price tends to react to diagonal supports/resistances on both.
Something else to note is that the weekly Ultimate Oscillator (red) is touching bottom, which was indeed an indicator to buy Bitcoin when it was around 3.8K (it had touched bottom only recently).
The setup would be as follows:
BUY: 6200-6800
SELL:
8700
10000+
Obviously, a sustained break below 6000 would negate this idea. This is not financial advice. This is something I've been looking at for a while and I'm very curious to see how it plays out. It may not play out how I want it to, and even though I've made a lot of great calls, there's always a good chance I'll be wrong as well. Good luck!
-Victor Cobra
This gives us immediate targets around $0.44 and $0.56.
In terms of Bitcoin value, I think it's possible we have one last wick to near the 6000 zone (ideally staying above 6200), which aligns with a potential linear uptrend (light blue). RSI is deep in oversold territory and stoch has flatlined on the bottom. We could also bounce up any moment now, since we're already sitting at the same potential uptrend on the log scale. I actually like to use both log and linear, because price tends to react to diagonal supports/resistances on both.
Something else to note is that the weekly Ultimate Oscillator (red) is touching bottom, which was indeed an indicator to buy Bitcoin when it was around 3.8K (it had touched bottom only recently).
The setup would be as follows:
BUY: 6200-6800
SELL:
8700
10000+
Obviously, a sustained break below 6000 would negate this idea. This is not financial advice. This is something I've been looking at for a while and I'm very curious to see how it plays out. It may not play out how I want it to, and even though I've made a lot of great calls, there's always a good chance I'll be wrong as well. Good luck!
-Victor Cobra
Note
Unfortunately, XRP was unable to get back above the wedge support, and also unable to crack the resistance on today’s pump. If we don’t get follow up soon, we may have to slide back down and test lower levels.Note
A break and hold above 7600-7700 would be what to watch out for to go long (downtrend resistance area).Note
As you can see, it's critical that we get back above 7400, and then 7700: Note
Unfortunately, XRP continues to look very weak. If this level fails to hold, there's not much room between here and 5000.
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