RandomOracle

XRP Double Descending Wedge Within A Macro Descending Wedge

Long
BINANCE:XRPBTC   XRP / Bitcoin
BINANCE:XRPBTC

I've added text to explain various parts of the chart. If there's any questions feel free to add them in the comments.

Having a look at the more recent XRP chart pattern (2017 onwards) rather than from 2014, I've noticed that XRP/ BTC is in a very large descending wedge ready for breakout!
^ Without logarithmic turned on

Within that macro descending wedge , there appears to be 2 major descending wedges .. The first wedge lead to a breakout of over 100% (to be halted by the macro wedge ), And the 2nd wedge has just broken late March & primed to attempt a macro breakout!
Comment: ^Closer look at the recent wedge breakout
Comment: ^ Previous idea posted for the XRP/USDT pair
Comment: ^ 2nd Idea posted for the XRP/USDT pair
Comment: ^ My other idea posted for the XRP/BTC pair on a logarithmic scale
Comment: PA update for the ascending triangle on P&F for the USDT pair
Comment: Line break for the USDT pair on 1hr
Comment: A closer look at immediate resistances for the USDT pair with renko set to 1hr bricks
Comment: Here is a nice & clean look at support & resistance areas for the XRP/BTC pair on a renko chart
Comment: Reduced brick size to spot the early reversal
Comment: What's that famous saying? "Be fearful when others are greedy, and greedy when others are fearful"
This is applicable to the current situation with XRP...
Buy the fear..
Sell the greed..

I've had a closer look at the weekly chart against BTC for XRP & noticed some more bullish signs:
- VMC's market cipher B shows a triple bullish divergence on WT (on the weekly scale)
- VMC showing bullish divergence on stochastic RSI as well
- MacD bullish crossover just occurred
- Buy signals flashing on VMC B
- Appears bottomed out (Confirmed via other charting methods e.g renko/P&F/Line-break)

Now, with the declining price, increasing volume and strong bullish divergences in a very strong support area for the XRP/BTC pair, this could break out at any moment...
Buy the fear..
Comment: Looking at just demand only with a P&F chart, we are in an area of demand for XRP that's only been visited 3 other times, each with a major breakout & price move up
Comment: Here's a closer look on the 3-day chart
Comment: Weekly view
Comment: Triangle almost broken
Comment: The ascending triangle on Point & Figure broke out!

Comments

So it appears we crossed out of the breakout zone yesterday and, based off of your % increase off the breakout price, you are landing roughly a little over $11...correct?

Btw, this was well thought out and much kudos to all of the hard work on your end!
+2 Reply
RandomOracle thriftyPerson62639
@thriftyPerson62639, Appreciate the feedback, I'm waiting for a definitive daily close above the wedge to call a macro breakout. It's very very close but hasn't closed decisively above yet!
The price target is in satoshi value so the USD price would depend on BTC's price at the time, but yeah roughly $10 would be current target. (Could increase or decrease depending on BTC's price)
+1 Reply
@RandomOracle, i used a combination of fibs between cycles along with fractal comparison and I landed at 10.5-10.8 - I assume it will be one of the alts that will pump later than others so I think it’s an excellent rotation opportunity. Do you think we sweet below 1.44 down to the .382 fib ($1.31)?
+1 Reply
RandomOracle thriftyPerson62639
@thriftyPerson62639, Definitely possible to retest the fib, however i feel like we won't test the downside much more as below $1 has already been tested
Reply
@RandomOracle, Agree are you on the side that we won't break out to $10 until 2022? I'm afraid XRP or any ALT for that matter would not break out to that degree in a bear market since much of the BTC & ETH spilloff flow into large/mid and then small cap alts. Perhaps I misunderstand the charts.
Reply
RandomOracle thriftyPerson62639
@thriftyPerson62639, The chart I posted tried to indicate that we should see upward momentum until mid-2022, the $ value would vary with fluctuations in BTC's price movements
Reply
Legend!
+1 Reply
@mroach91, cheers
Reply
Excellent, Please Update your chart
+1 Reply
RandomOracle MehdiAh90448
@MehdiAh90448, yeah i'll check out the current situation soon
Reply
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