Dark Ages (But Silver Lining?)
Updated
Hello everyone. I hope your weekend is off to a good start :)
Let me get right to it.
As the title suggests, there is still plenty of room for XRP to go down.
The white line on my chart I have identified as a crucial support line that has been there for months; I shall assume it goes unbroken. We still need to go down and hit that. Fortunately, there is a screaming bear flag being printed over the last few days whose target is exactly that line.
So, currently it seems likely:
---> We will go to $0.20-21 in the coming days.
- This would be a fair spot to initiate a swing trade. I wouldn't hold onto it any further past $0.24. Not financial advise.
Then what?
I think $0.18 is the ultimate spot we go... If there is any hope for a XRP recovery bull run, we would need to see quite a bit of buying interest at these levels. Think BTC back earlier this year in the 3-4k range. Also, like BTC, for XRP to show signs of a healthy recovery it needs to enter a rising channel as I have shown.
The other three lines I have put on the chart seem to be of potential interest. It coincidentally turns out to be really beautiful. That is why I am posting this idea. It was a private study till I saw signs of some "beauty" to this pattern.
With the rising channel bottom and the other line, I can draw a rising channel. The levels on this channel are very pretty. You see, the crucial 0.20, 0.24, 0.26, 0.28... I dont know. Looks nice.
What do you think?
Please comment below!
****NOTE**** This chart idea is under a modest bias towards XRP. That is, I am not going to look at it as an asset that will be 10$ by EOY w/ massive adoption nor will I look at it as a "scam" (highly unlikely...). Point is, there are many things that could happen with XRP that could push the price to places no one could really point to on a chart.
Dont let the XRP days scare you! However, dont let them ruin you. I wouldnt be putting out large orders for XRP until I see more recovery signs. Recovery signs, which I have drawn and see possible to happen later this fall. August and Sept may be rough for XRP!
Time will tell. No one knows. Best wishes,
Let me get right to it.
As the title suggests, there is still plenty of room for XRP to go down.
The white line on my chart I have identified as a crucial support line that has been there for months; I shall assume it goes unbroken. We still need to go down and hit that. Fortunately, there is a screaming bear flag being printed over the last few days whose target is exactly that line.
So, currently it seems likely:
---> We will go to $0.20-21 in the coming days.
- This would be a fair spot to initiate a swing trade. I wouldn't hold onto it any further past $0.24. Not financial advise.
Then what?
I think $0.18 is the ultimate spot we go... If there is any hope for a XRP recovery bull run, we would need to see quite a bit of buying interest at these levels. Think BTC back earlier this year in the 3-4k range. Also, like BTC, for XRP to show signs of a healthy recovery it needs to enter a rising channel as I have shown.
The other three lines I have put on the chart seem to be of potential interest. It coincidentally turns out to be really beautiful. That is why I am posting this idea. It was a private study till I saw signs of some "beauty" to this pattern.
With the rising channel bottom and the other line, I can draw a rising channel. The levels on this channel are very pretty. You see, the crucial 0.20, 0.24, 0.26, 0.28... I dont know. Looks nice.
What do you think?
Please comment below!
****NOTE**** This chart idea is under a modest bias towards XRP. That is, I am not going to look at it as an asset that will be 10$ by EOY w/ massive adoption nor will I look at it as a "scam" (highly unlikely...). Point is, there are many things that could happen with XRP that could push the price to places no one could really point to on a chart.
Dont let the XRP days scare you! However, dont let them ruin you. I wouldnt be putting out large orders for XRP until I see more recovery signs. Recovery signs, which I have drawn and see possible to happen later this fall. August and Sept may be rough for XRP!
Time will tell. No one knows. Best wishes,
Note
As the generous comment below suggests, we should look at BTC too when considering XRP (though these two werent really correlated earlier this year). Heres my most recent BTC post-
Note
Also, if you look on the monthly BTC chart, you can easily see that a serious price breakdown could easily send us back to 6,000USD...Note
Also, by doing some mental predictions on the moving averages on my chart. You can see (aka I predict) an XRP USD golden cross to happen sometime in September or early October... And, with my BTC chart, you can see I called all the crucial turning points to a T... We are showing sides of weakness, and I think BTC won't see past 11,000USD now until we go a little lower. Who knows.
Note
--------------------------Careful.
It is curious that XRP is the only large cap with 24hr gains...
Chartwise, our bull flag was denied- but this certainly could be a trap. Currently, we are in a wedge, that will be squeezed in the next several hours.
It is definitely best to wait and see what happens then.
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