Is XRP About To Defy The Sell Off & Double In Price?
Updated
XRP has been stuck trading in the same price range for the last 5 years. The real question is has it established its fair market value range or has it been just supressed by its pending law suit with the SEC. Personally I tend to lean more twords the later and expect real price discovery to occur after a decision has been reached on their status as a security.
Currently XRP is sitting at critical point of both time and price. One way or another expectation of a breakout this week is growing especially with high volitility returning to the market.
The next big question is will we see a 100% insane pump to the upside or another 60% impulse wave to the downside.
The chart posted is a weekly line chart going back to the beining of XRP on the bitstamp exchange. We prefer lower volume exchanges and line chart as they tend to filter out scam wicks and other distortions in market wide price action across long spans of time.
Looking at the long term perspective on XRP we can see price action has been consolidating in what appears to be a bullish flag formation.
This week may give us a massive continuation pump or finally brake down return to the bottom of this range.
If we lose this level it would be reasonable to expect another 60% drop in price and this would also put us exactly at the highest volume node in this 5year long trading range
If we can brake to the upside and confirm a bullish continuation a massive 100% pump may be in order. A brake to the upside of this magnitude would bring the XRP price to the 50% retracement level from the 2021 high which is also comming out at weekly resistance.
Currently there is a 50/50 case to be made for both sides and personally I am hoping for and leaning slightly more on the bullish side waiting for lower time frame confirmations.
With massive selling pressure on larger assets like BTC and ETH investors may be looking for other assets that have a reason to pump in a market currently trending down. With traditional banking system failures reaching the mainstream may bring some extra attention to the banking token sector of crypto and combined with XRP winning its lawsuit with the SEC may just be the catlyst needed to push the price 100% as the technicals suggest may occure.
Trading Plan:
We are expecting either a 60% sell off or a 100% insane pump. It is impossible to predict price technical analysis tends to show the potential before these moves well in advance of any news or events.
We are currently watching lower time frames looking for bullish divergence on the 4hr chart and under. If price action and momentum give the signal of a move to the upside we will certainly be entertaining a long swing trade but still remaining cautious for a quick brake down warranting a QUICK exit and short entry shopping.
Currently XRP is sitting at critical point of both time and price. One way or another expectation of a breakout this week is growing especially with high volitility returning to the market.
The next big question is will we see a 100% insane pump to the upside or another 60% impulse wave to the downside.
The chart posted is a weekly line chart going back to the beining of XRP on the bitstamp exchange. We prefer lower volume exchanges and line chart as they tend to filter out scam wicks and other distortions in market wide price action across long spans of time.
Looking at the long term perspective on XRP we can see price action has been consolidating in what appears to be a bullish flag formation.
This week may give us a massive continuation pump or finally brake down return to the bottom of this range.
If we lose this level it would be reasonable to expect another 60% drop in price and this would also put us exactly at the highest volume node in this 5year long trading range
If we can brake to the upside and confirm a bullish continuation a massive 100% pump may be in order. A brake to the upside of this magnitude would bring the XRP price to the 50% retracement level from the 2021 high which is also comming out at weekly resistance.
Currently there is a 50/50 case to be made for both sides and personally I am hoping for and leaning slightly more on the bullish side waiting for lower time frame confirmations.
With massive selling pressure on larger assets like BTC and ETH investors may be looking for other assets that have a reason to pump in a market currently trending down. With traditional banking system failures reaching the mainstream may bring some extra attention to the banking token sector of crypto and combined with XRP winning its lawsuit with the SEC may just be the catlyst needed to push the price 100% as the technicals suggest may occure.
Trading Plan:
We are expecting either a 60% sell off or a 100% insane pump. It is impossible to predict price technical analysis tends to show the potential before these moves well in advance of any news or events.
We are currently watching lower time frames looking for bullish divergence on the 4hr chart and under. If price action and momentum give the signal of a move to the upside we will certainly be entertaining a long swing trade but still remaining cautious for a quick brake down warranting a QUICK exit and short entry shopping.
Note
Lots of support for this chart. Please bear in mind that just because time and price are balanced does not mean XRP will pump. It simply means that there is what APPEARS to be a long term time frame balance between buyers and sellers. This is the point where markets can pivot as if more buyers show up there will be an imbalance to the upside kicking off a rally. The argument is equally weighted to the downside. If more sellers show up before buyers the oppisite will be equally true and likely kick off a rally to the downside. Our thesis for being slightly more bullish than bearish is there is not a lot of places to currently put your money in crypto and buyers are likely shopping for projects that have already sold off and getting attention. Banking related tokens have sold off significantly and with all the news surrounding bank runs and stopping withdrawls banking tokens will most likely be a topic of discussion. Distrust for failing banks in the same environment that spawned the creation of BTC after the banking collapse of 2008 and will likely provide a renewed intest in at least learning about crypto for many unfamiliar with how this space actually works.Note
Looks like price of XRP is finally starting to brake to the upside. Cautiously optimisticNote
xrp has gotten its expected pump and magically stopped at the first target. Next target is .715Note
still tracking very nicely getting closer to a possible brake and in need of reevaluatingNote
XRR has followed this pattern with lethal accuracy. The forcasted pump to .74 has already occured at 25% of the time cycle. Currenly sitting at 50% of the projected time cycle and a reaction is likely. IF the market continues to rise, this reaction will likely be an accelerated move to the upside. Time permiting I will try put and updated version out this week.Note
XRP Still following the wedge pattern. In all seriousness a failure where price brakes below with a hard bounce would likely lead to a massive upside rally. Time wise price is at the 50% mark of the time cycle and a directional reaction is likely.
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