There is a massive bullish divergence on the weekly timeframe in the XRPBTC chart.
We can also see a quite similar fractal pattern to early 2017: Two fake outbreaks with subsequent dumps. In 2017 it was more benign that this time, but back then the timescale was also longer.
This was now amplified because of the commotion with the SEC.
But note how fascinating: Despite the SEC turmoil, XRPBTC prints a setup which is remarkably similar to the one in early 2017.
Similar double peak pattern, similar bullish divergence in the RSI.
This time however, the bullish divergence in the RSI is a lot stronger than back then.
The coil has been stretched much further this time, than back then. And a coil that is stretched too far, bears great force within, ready to explode with the utmost imaginable power!
I assume that XRPBTC will now start printing first a small green weekly candle. Then a larger one. Then an even larger one.
How high it will go and how long it will last, of course also depends strongly on BTC.
Will BTC do a 2013 or 2017 repeat? That will also determine if XRP will do one single gigantic rally, or two rallies, like back in 2017/18.
I think the conservative target for XRPUSD is 10 USD in this bullrun, this is a lower limit.
However, if BTC does a double rally, and indeed reaches prices as crazy as 200k, an upper limit for XRPUSD would be, as crazy as it sounds, 40-50 USD.
I will keep a close eye on BTC, and XRPBTC, to determine how high XRP can go this cycle.
Note: I think the entire SEC thing will have no effect whatsoever on the price action.
Maybe some short-term action, but the end price will reach these values no matter what the outcome will be.
We can also see a quite similar fractal pattern to early 2017: Two fake outbreaks with subsequent dumps. In 2017 it was more benign that this time, but back then the timescale was also longer.
This was now amplified because of the commotion with the SEC.
But note how fascinating: Despite the SEC turmoil, XRPBTC prints a setup which is remarkably similar to the one in early 2017.
Similar double peak pattern, similar bullish divergence in the RSI.
This time however, the bullish divergence in the RSI is a lot stronger than back then.
The coil has been stretched much further this time, than back then. And a coil that is stretched too far, bears great force within, ready to explode with the utmost imaginable power!
I assume that XRPBTC will now start printing first a small green weekly candle. Then a larger one. Then an even larger one.
How high it will go and how long it will last, of course also depends strongly on BTC.
Will BTC do a 2013 or 2017 repeat? That will also determine if XRP will do one single gigantic rally, or two rallies, like back in 2017/18.
I think the conservative target for XRPUSD is 10 USD in this bullrun, this is a lower limit.
However, if BTC does a double rally, and indeed reaches prices as crazy as 200k, an upper limit for XRPUSD would be, as crazy as it sounds, 40-50 USD.
I will keep a close eye on BTC, and XRPBTC, to determine how high XRP can go this cycle.
Note: I think the entire SEC thing will have no effect whatsoever on the price action.
Maybe some short-term action, but the end price will reach these values no matter what the outcome will be.
Comment:
Look at how insanely similar the start of the bullrun is now vs exactly 4 years ago in March 2017:
It starts slowly, then does successively more and more aggressive pumps.
But the very beginnings are still inconspicuous, and nobody believes in the rally any more.
It starts slowly, then does successively more and more aggressive pumps.
But the very beginnings are still inconspicuous, and nobody believes in the rally any more.
Comment:
FINALLY!!!!!!!!!!!!!!
Comment:
I assume now that XRP will pump while BTC will dump. Exactly as it happened in March-May 2017, how funny that the cycle repeats almost perfectly 4 years later!
We should be careful and not cheer prematurely again. Only if the weekly closes significantly over the falling wedge resistance, do I think that the rally will finally start.