IMO We are in stage 3 of the xrp cycle. We will see long wicks but the general trend will be upwards until the s shaped pre burst pattern becomes clear.
The large triangle that xrp is ranging within will complete on or around September 11th 2021 so I would anticipate that we will break this triangle to the upside by then.
This is roughly where we appear to be in Stage 3 before the burst.
Key considerations:
Markets can move regardless of the news.
Timeline is impossible to predict. (can be extended and contracted)
Wicks can occur but are temporary with anomaly data. Large wicks are designed to scare the market, liquidate leveraged trades and invalidate technical...
Stage 1 - Like a backwards nike tick. Heavy decline with a flick up to a peak.
Stage 2 - V shaped decline. Key features include a low point that then raises to the start point value of the V.
Stage 3 - Look out for a potential flash crash and low point. The general shape shoul be a sidewards s shape. After the final decline in the S we expect the burst.
Has XRP finished correcting or is there one more leg into the golden pocket. One more leg down could potentially trigger the push to 1.14 range which many are expecting.
