XRP - When moon? I'll tell you when...
- I will tell you, when the moon is for XRP, but first, let's take a look at the technical analysis.
- On the chart, you can see two major downtrending trendlines, and the price is below them. The bears are in full control, and I cannot be bullish at this point.
- The previous uptrend from June 13 to September 19 was a 3-wave structure (ABC). This suggests a corrective counter-move in the main direction of the trend. The trend is indeed bearish.
- I want to see an impulsive structure before even considering becoming a bull on XRP. What's more, the price is printing a head and shoulders pattern, and the price is currently forming the left shoulder.
- Basically, it's a shorting opportunity if you want to catch the local top. Or wait for a breakout below the neckline for a confirmation. Your profit target is at the bottom of the parallel channel on the LOG scale.
- XRP can drop by another 50% or 80% to 0.1 USDT next year. It's very likely, in my opinion.
- If we take a look at the MACD indicator, we can see that the bulls are losing steam on the histogram, and the bearish crossover can occur very soon!
- So when moon for XRP? There is no indication from whales that they are buying XRP at this moment. It looks like they want to buy cheaper XRP at 0.1 USD. I think XRP can moon next year in 2023, it's possible, why not.
- Happy trading!
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