We have reached the structure low of the falling wedge. I'm looking at a double bottom formation (reach back to the previous daily low) which llines up nicely with the previous weekly low (both of these are labelled on the chart). These levels are very key for the long-term analysis (on the Weekly and monthly timeframes). XRP right now is very, very cheap compared to it's value and I advise you do you're on research on what XRP has been up to in terms of growing the adoption of it's crypto and the corporations it has partnered up with. The whole crypto space has been in a bear market and these prices do not reflect the fundamentals of XRP. For those of you who are looking to hold crypto for the longer-term, then we're at a price where it's time to accumulate as many crypto's as you can for XRP (this is up to you in terms of how much you want XRP to be apart of your portfolio. This is the time of year where we go out and spend on gifts for other family members and even get ourselves a treat too. So why don't you treat yourself with something that can reward you a few years down the line with huge returns.
Disclaimer: Do you're own due diligence before you invest in anything as this is not financial advice or consult a financial advisor.
Do you just keep re drawing the bottom wedge line every time it’s broken.... if so and I’m sure you do then this is useless... of course one day it will bounce....don’t need a chart for that
mohammed0141
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@Dav155, The importance of trend lines isn't whether or not it breaks the trendline, but how we break the trendline. Do we break with strong momentum or weak momentum?, that's the big difference. If we break with strong momentum, then the trend line becomes invalid but if we break with weak momentum and are just trickling downwards (as we are in this situation), then we reign the trendline in and look at the pattern we're forming on the break of the trendline. The reason I re-drew the trendline in, is because we broke the trendline and then broke back into it so all I needed to do was evolve it to the most recent price action.
Dav155
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@mohammed0141, its not a trend if you re-draw it to fit your own scenario - trend by the very nature of it pre-exists. its either a trend or not
mohammed0141
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@Dav155, The trend doesn't change but that doesn't mean that we don't have fakeouts. Trendlines are subjectives, their used to outline the trend.