Patience Needed for XRP
It's easy to get caught up in the news cycle. Better would be to ignore the noise and look at what the charts and analysis says is coming. I am long XRP - very, very, very long. But the breakout to new ATH's is at least 6-9 months away. I think the fun begins in late summer of 2024. Let's look at three things that hint why this may be the case.
1. Short Term Overhead from April 2021 high crashes into Long Term bottom support in August of 2024. For this, look at the lower red and orange trend lines (support) and overhead green and yellow trend lines (resistance). XRP will have to make a decision by this time. It may make it slightly sooner or later, but we should expect that decision to come to a head around August of this coming year. Until then, I see XRP range bound.
2. This timeline coincides exactly with the fractal, grey, created from the December 2013 high through January 2018 ATH The fractal pattern is somewhat similar - not exact - but for me it is the timing. The huge green March 2017 candle - the first, signaling the bull run - would be slated to occur....yes, you guessed it. August of 2024.
3. Finally, the next BTC halving is scheduled for April of 2024. Nearly everyone reading this is aware that each BTC halving has brought on the bull run. The timing varies slightly among cycles and coins, but typically several months after the Halving, we have liftoff on all fronts. I see no reason why this time should be different than all the others, and several months after April 2024 is....August 2024.
For these reasons, I am bullish on Crypto's for 2024 generally, but particularly so for XRP. But we should expect, and actually embrace, range bound trading until next summer. During this time, rather than being discouraged or panic selling, or clinging to news hopium, instead embrace the lows that will inevitably come and use that time to fill your bag to the brim for the 2024/2025 run.
Best of luck to all, DYODD!
1. Short Term Overhead from April 2021 high crashes into Long Term bottom support in August of 2024. For this, look at the lower red and orange trend lines (support) and overhead green and yellow trend lines (resistance). XRP will have to make a decision by this time. It may make it slightly sooner or later, but we should expect that decision to come to a head around August of this coming year. Until then, I see XRP range bound.
2. This timeline coincides exactly with the fractal, grey, created from the December 2013 high through January 2018 ATH The fractal pattern is somewhat similar - not exact - but for me it is the timing. The huge green March 2017 candle - the first, signaling the bull run - would be slated to occur....yes, you guessed it. August of 2024.
3. Finally, the next BTC halving is scheduled for April of 2024. Nearly everyone reading this is aware that each BTC halving has brought on the bull run. The timing varies slightly among cycles and coins, but typically several months after the Halving, we have liftoff on all fronts. I see no reason why this time should be different than all the others, and several months after April 2024 is....August 2024.
For these reasons, I am bullish on Crypto's for 2024 generally, but particularly so for XRP. But we should expect, and actually embrace, range bound trading until next summer. During this time, rather than being discouraged or panic selling, or clinging to news hopium, instead embrace the lows that will inevitably come and use that time to fill your bag to the brim for the 2024/2025 run.
Best of luck to all, DYODD!
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