Considering that the last couple weeks in crypto has had a bit of bleeding in the markets, let's review my updated chart.
First, we disregard the first major rally and consider it was smart money getting into the market.
Second, the rally beginning shortly after the start of the smart money entry point, started Dec 12th and ended Jan 4th for an increase of +384%.
The volume of the last 10 days has been heavy with selling, however, the prices have really not fallen much. This tells us that the price of Ripple seems to be on pretty solid footing. Compare it to the high buy volume for the 30 days prior and the price increased significantly.
Considering the second rally of +384% for the All Time High (ATH), we see that the Fibonacci retracement levels show we are just touching on the -61% fib retracement line at the current levels. This is generally the end of the consolidation period after a rally, meaning we are due for the beginning of upward movement again. This is a very common occurrence in the crypto markets.
If new money comes in and our volumes are similar to the prior rally, it's very likely we'll follow a similar course of growth with the +384% target of $8.89 (down from my prior target of $9.90 before CMC removed Korean exchanges from their market cap calculations).
Also, the pitchfork is something I drew before analysis today. I figured in the 3 key points, first high and current lowest low. The interesting part here is that that pitchfork actually comes in very close to my estimated target for the upcoming +384% rally to $8.89.
I've heard no major news or new rumors yet about Ripple, Tron, nor Verge, so I'm not sure when these coins will start this rally, I can only guess it could be very soon, possibly within the next few days or so.
I think the markets have bled enough for this period and we should see things bounce back up here shortly. However, if they don't, then it could be a sign of a new long term downtrend like I experienced in the Bitcoin market in 2014. As a new trader then, it was difficult for me to believe that Bitcoin was in a downtrend after we hit the ATH of $1100 just a couple months before, so I always return to that thought and keep in mind that there will be a reversal at some point that will lead to a long term downtrend or winding down period, but I don't believe we are there just yet. I think we're actually on the early end of the upswing, similar to the time when I made my first investment in Bitcoin when its value was at $100. I still think Bitcoin could go to 10x its current value before we see a trend reversal, but only time will tell for sure.
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Stop panicking... Please see this.. it is just as accurate today as it was in 2013. imgur.com/a/KDwtE
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Ichimoku 4h tells me that we may take this path to the breakout.
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Due to the overall market correction of the last 2 weeks, I'm adjusting my target date for Feb-21st to $9.
Ichimoku 1d chart shows me the likely path we will take to that target.
Get off the pipe. That would mean it would have a market cap of over 260bil.
I don't even need to read your TA. Stop trying to fool new investors into investing in a centralised coin
zroman87
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@jumpinn_jim, Hello Jim, maybe he's wrong, but your way of thinking that xrp couldn't have a market cap of 240bil isn't valid. You think in 2009 people would think BTC would have the market cap of 232bil?
@zroman87, maybe, but in such a short time frame it is near impossible
HumpyyDumpty
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@zroman87, its highly unlikely by the end of the month. Maybe in 6 months but definitely not in 2 weeks
bedarija
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so you are saying ripple will have 343 B$ marketcap in 15 days? i dont think so
PaulLartson
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stop making stupides ideas look to the LTC chart 15 jan and we still on 241$ no one know how much the market up
Tin.Foil
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@PaulLartson, Are you angry because you didn't buy at $0.24 like so many others who did? Those who did, are up 10x still and bound to see it rise another 5x.