XRP Bullish Descending Broadening Wedges
Updated
XRP is not my favorite project but my investments are diversified and I think XRP is a category in and of itself (I'm here for the tech and wealth). This is not financial advice, only my opinions based off my personal research.
Firstly I love Descending Broadening Wedges, they are very effective for calling bottoms, I have a chart where I called the absolute bottom of CRO which has been one of the top performers of 2020. I called CRO breaking out before it was announced as one of Teekas top 5 coins, and I did it with the pattern I am outlining now.
Now what I am seeing is a set of Descending Broadening Wedges, a smaller one within a larger one. I am also seeing our price action on top of a important support, which is between .17458-.16656 (.16656 being the .236 of a down fib I plotted and the area I would put my stop loss under). It is interesting that our 1D candles have closed above the top of this support of .17458 ,which shows to have been a strong support historically, because our indicators also look bouncy in this area.
The RSI hit 30.87 (Oversold),Our Stoch RSI has created a descending wedge and has flipped bullish to give us a hard buy signal today, MACD still shows selling pressure because it is reflecting the sell pressure we have already received (but I assume will flip soon).
From a bearish prospective our price action is trading bellow the EMAs and we have been in a down trend for years, but I have some interesting information that indicates the bottom could be in for XRP. First on June 13 2020 the Poloniex BTC/XRP chart hit one of the strongest historic XRP supports and wicked extremely hard upward. Second if we do bounce significantly from this area through the major resistances above (The EMAs and tops of the Descending Broadening Wedges) then we will probably rocket upward based off the TA projections (1st Target .25 area / 2nd Target .30 area/ 3rd Target .34763/ 4th Target .49342). Third many things are happening within the Ripple/XRP world, some things I cannot bring up (Political moves being made within banks/Gov to garner Ripple/XRP support) not to mention the COVID19 need for digital currency, and lastly China/USA competition to be the first to control the 4th industrial revolution (CBDC, Reserve Currency, etc.). *Side Note watch BoA :)*
(SHORT/ MEDIUM TERM) Oh yeah I really think institutions are looking for a back up plan, I think that they will use cryptocurrencies as a back up for when and if the stock market takes another drastic plunge. Meaning I could see institutions going deep into crypto and marketing cryptos on their platforms for retail traders and speculators to make Wall Street Money while stocks take a dive. Tons of money could flow into the crypto world, I don't see this as the endgame for XRP but I see it as the means to their end.
Firstly I love Descending Broadening Wedges, they are very effective for calling bottoms, I have a chart where I called the absolute bottom of CRO which has been one of the top performers of 2020. I called CRO breaking out before it was announced as one of Teekas top 5 coins, and I did it with the pattern I am outlining now.
Now what I am seeing is a set of Descending Broadening Wedges, a smaller one within a larger one. I am also seeing our price action on top of a important support, which is between .17458-.16656 (.16656 being the .236 of a down fib I plotted and the area I would put my stop loss under). It is interesting that our 1D candles have closed above the top of this support of .17458 ,which shows to have been a strong support historically, because our indicators also look bouncy in this area.
The RSI hit 30.87 (Oversold),Our Stoch RSI has created a descending wedge and has flipped bullish to give us a hard buy signal today, MACD still shows selling pressure because it is reflecting the sell pressure we have already received (but I assume will flip soon).
From a bearish prospective our price action is trading bellow the EMAs and we have been in a down trend for years, but I have some interesting information that indicates the bottom could be in for XRP. First on June 13 2020 the Poloniex BTC/XRP chart hit one of the strongest historic XRP supports and wicked extremely hard upward. Second if we do bounce significantly from this area through the major resistances above (The EMAs and tops of the Descending Broadening Wedges) then we will probably rocket upward based off the TA projections (1st Target .25 area / 2nd Target .30 area/ 3rd Target .34763/ 4th Target .49342). Third many things are happening within the Ripple/XRP world, some things I cannot bring up (Political moves being made within banks/Gov to garner Ripple/XRP support) not to mention the COVID19 need for digital currency, and lastly China/USA competition to be the first to control the 4th industrial revolution (CBDC, Reserve Currency, etc.). *Side Note watch BoA :)*
(SHORT/ MEDIUM TERM) Oh yeah I really think institutions are looking for a back up plan, I think that they will use cryptocurrencies as a back up for when and if the stock market takes another drastic plunge. Meaning I could see institutions going deep into crypto and marketing cryptos on their platforms for retail traders and speculators to make Wall Street Money while stocks take a dive. Tons of money could flow into the crypto world, I don't see this as the endgame for XRP but I see it as the means to their end.
Trade active
At this point I have taken profits nearly 40% made in this trade, I possibly will hold some of the the bag for a possible break out of the descending broadening wedge. Some would take their final profits at this point.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.