Long

Updated

XRP Double Descending Wedge Within A Macro Descending Wedge

I've added text to explain various parts of the chart. If there's any questions feel free to add them in the comments.

Having a look at the more recent XRP chart pattern (2017 onwards) rather than from 2014, I've noticed that XRP/BTC is in a very large descending wedge ready for breakout!
^ Without logarithmic turned on

Within that macro descending wedge, there appears to be 2 major descending wedges.. The first wedge lead to a breakout of over 100% (to be halted by the macro wedge), And the 2nd wedge has just broken late March & primed to attempt a macro breakout!

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^Closer look at the recent wedge breakout

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^ Previous idea posted for the XRP/USDT pair

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Logarithmic Trend on XRP, XRP bottomed out last year

^ 2nd Idea posted for the XRP/USDT pair

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The true bottom for XRP is in, XRP train leaving soon

^ My other idea posted for the XRP/BTC pair on a logarithmic scale

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PA update for the ascending triangle on P&F for the USDT pair

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Line break for the USDT pair on 1hr

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A closer look at immediate resistances for the USDT pair with renko set to 1hr bricks

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Here is a nice & clean look at support & resistance areas for the XRP/BTC pair on a renko chart

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Reduced brick size to spot the early reversal

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What's that famous saying? "Be fearful when others are greedy, and greedy when others are fearful"
This is applicable to the current situation with XRP...
Buy the fear..
Sell the greed..

I've had a closer look at the weekly chart against BTC for XRP & noticed some more bullish signs:
- VMC's market cipher B shows a triple bullish divergence on WT (on the weekly scale)
- VMC showing bullish divergence on stochastic RSI as well
- MacD bullish crossover just occurred
- Buy signals flashing on VMC B
- Appears bottomed out (Confirmed via other charting methods e.g renko/P&F/Line-break)

Now, with the declining price, increasing volume and strong bullish divergences in a very strong support area for the XRP/BTC pair, this could break out at any moment...
Buy the fear..

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Looking at just demand only with a P&F chart, we are in an area of demand for XRP that's only been visited 3 other times, each with a major breakout & price move up

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Here's a closer look on the 3-day chart

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Weekly view

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Triangle almost broken

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The ascending triangle on Point & Figure broke out!

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Gold vs XRP is extremely bearish atm & looking like XRP is set to make a major move up against gold:

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Silver vs XRP very bearish for silver, looking like XRP is ready to make some major gains against it!!

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look familiar?

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