XRP - Monthly analysis - purely technical points to 12.21 and 32I know this may sound too good to be true - but we all know this market is not very rational market.
From a pure technical analysis point of view, XRP had a bullish momentum from 2016 - 2018 and has been in consolidation of a bull flag pattern since then. Recording bottom of 0.11 then bouncing back, following another decline to 0.28 - which coincide with cup and handle pattern. Most recently breaking the neck at 1.92.
From a cup and handle perspective - it should aim for 32 USD.
Lets do elliot wave. assuming this is the final wave 5, extended Fibonacci sequence, gives us a target of 11.87 which is 1.272 fib. And in crypto - wave 5 most of the time stops at 1.272. Or extended target of 1.618 fib around 32.865$
Right. Now analysing XRP on Gann square. It can be identified XRP follow a 60 degree angle which follows triangle pattern. On a monthly time frame, it shows the secondary and primary angles. The rules of Triangle pattern often continues to 180 degree and doesn't continue to 360 - which agrees with Fibonacci and Elliot wave marking the potential top at ~ 11.8714. Obviously it can break angle 180 - in which case - its maximum is 360 degree angle which is 44.31 - and this coninside roughly with the fib 1.618 and cup and handle pattern.
So.. what to do - I can't tell you and this is not financial advise. If you bought from 0.74 - (the buy zone marked), it would make sense to take capital out and let the rest ride.
Is it going to be the next sol? We don't know. It already surpassed it in Market cap.
Is it likely for XRP dominance to do it and get to these levels. XRP dominance history shows us that it reached before 22% of the market cap... History doesn't always repeat but it often rhymes. Currently at a 4.24% market cap. According to this accumulation pattern with huge volume - target for the box is 15% which is double the current market cap. So all depends if btc shoots up further to the 126K - that might give it enough fuel to reach those figures.
I see 5.96 is a very realistic target at the moment with 11.87 as the top