XRP 2019 vs 2023 Fractal Pattern
Updated
XRP fractal comparisons, using the 21 and 100 Weekly Moving Averages, and RSI.
XRP has been making lower highs since 2017, as shown by the white descending line.
But at the same time it has been making higher lows since 2020, as shown by the blue ascending line.
Creating a symmetrical triangle. This can either be bullish or bearish, depending which way it breaks out and confirms.
The 2 moving averages are 21(green) and 100(yellow)
In 2019, when the green crossed above the yellow moving average(white circle with the number 7,) XRP saw a 187% jump.
Currently in 2023, the green line is projected to cross above the yellow around the week of October 9, 2023. (White circle with the number 7)
We will have to wait and see if XRP will have the same price reaction as it did in 2019.
Here's the break down of 2019 vs 2023 fractal comparison:
1) 2019 and 2023, the 100 ma was resistance
2) 2019 and 2023, couldn't hold support on the 21 ma and fell below
3) 2019 and 2023, the 21 ma was tested and rejected
4) 2019 and 2023, price broke above the 21 ma and got rejected by the 100 ma
5) In 2019, price broke below the 21 ma. But in 2023, price found support on the 21 ma
6) In 2019, price broke through the 21 ma but was rejected by the 100 ma.
But in 2023, price bounced off the 21 ma and broke through the 100 ma.
7) In 2019, the 21 ma crossed above the 100 ma, and priced jumped the following 2 weeks
In 2023, the cross hasn't occurred yet, but I'm waiting to see if it will play out the same.
If you look at the RSI, it's looking like it has a chance to repeat
8,9,10,11,12) In 2019, price action saw a crash after it's top at #8. But rallied to make a second
top at #12
RSI 2019 vs 2023 fractal comparison:
In 2019 and 2023, both RSIs moved within an ascending parallel channel.
The orange circle in 2019 represents the first price top at #8.
And the red circle represents the second price top at #12.
2023s RSI hasn't reached its orange circle yet. But currently it's in oversold territory, and could be ready to make a bounce back into the channel and head for the orange circle.
Hopefully when the RSI touches the top of the channel and reaches the orange circle, this will be 2023s #8 price top.
XRP has been making lower highs since 2017, as shown by the white descending line.
But at the same time it has been making higher lows since 2020, as shown by the blue ascending line.
Creating a symmetrical triangle. This can either be bullish or bearish, depending which way it breaks out and confirms.
The 2 moving averages are 21(green) and 100(yellow)
In 2019, when the green crossed above the yellow moving average(white circle with the number 7,) XRP saw a 187% jump.
Currently in 2023, the green line is projected to cross above the yellow around the week of October 9, 2023. (White circle with the number 7)
We will have to wait and see if XRP will have the same price reaction as it did in 2019.
Here's the break down of 2019 vs 2023 fractal comparison:
1) 2019 and 2023, the 100 ma was resistance
2) 2019 and 2023, couldn't hold support on the 21 ma and fell below
3) 2019 and 2023, the 21 ma was tested and rejected
4) 2019 and 2023, price broke above the 21 ma and got rejected by the 100 ma
5) In 2019, price broke below the 21 ma. But in 2023, price found support on the 21 ma
6) In 2019, price broke through the 21 ma but was rejected by the 100 ma.
But in 2023, price bounced off the 21 ma and broke through the 100 ma.
7) In 2019, the 21 ma crossed above the 100 ma, and priced jumped the following 2 weeks
In 2023, the cross hasn't occurred yet, but I'm waiting to see if it will play out the same.
If you look at the RSI, it's looking like it has a chance to repeat
8,9,10,11,12) In 2019, price action saw a crash after it's top at #8. But rallied to make a second
top at #12
RSI 2019 vs 2023 fractal comparison:
In 2019 and 2023, both RSIs moved within an ascending parallel channel.
The orange circle in 2019 represents the first price top at #8.
And the red circle represents the second price top at #12.
2023s RSI hasn't reached its orange circle yet. But currently it's in oversold territory, and could be ready to make a bounce back into the channel and head for the orange circle.
Hopefully when the RSI touches the top of the channel and reaches the orange circle, this will be 2023s #8 price top.
Trade active
The cross of the 21 ma and 100 ma is getting very close. In 2020 when these two lines crossed, price shot up. (#7 - #8)Also the rsi is pointing upwards and showing a bullish outlook.
I feel the rsi needs to get back into its ascending parallel channel to give price a solid boost up.
What we don't want is the rsi to get rejected by the lower parallel channel.
Time will tell if these two fractals will play out the same.
Trade active
The 21 and 100 ma crossed, but xrp seems to be struggling. My thesis is on shaky grounds.
The 100 ma is acting as resistance, and has been resistance since the week of April 25th, 2022.
The rsi fell below the ascending channel and is finding support at the 47 level.
(Rsi under the 50 level is viewed as bearish.)
What xrp needs to do to get back on track is to find the 100 ma as support, get back in to the ascending parallel channel in the rsi, and eventually find price support on the 21 ma.
The stoch rsi on the weekly crossed above the 20 level, so we have a small positive. But unfortunately it hasn't closed yet.
Trade active
XRP has done a 21% run the last two and half weeks, and has allowed my thesis to be still valid.
Price is now above the 21 and 100 ma, and the rsi is at 58.
I want to see the rsi get back into its ascending parallel channel, which is above 60.(orange circle) We'll have to see if this lower parallel channel is going to act as resistance.
The stochastic rsi is at 47, and it would be very bullish if it can break above the 50 level. (orange dotted line)
If the rsi and stoch are able to break above their key levels, I can see XRP's price attempting to touch the upper trend line in the future. (red descending line, #8?)
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.