CryptoMichNL
Long

XRP Price ready for a rally of 175% to $0.50?

POLONIEX:XRPUSD   XRP / U.S. Dollar
Honestly, I believe that we're looking at the market cycle similar to the period we've experienced in December '15 and January '16.

Yes, market is completely different than back then, but market cycles tend to move the same way given market psychology and the human being. One difference; they move on new price levels.

Similar to that we saw that the Bitcoin bubble was similar to the Dot.com bubble in structure, in which the current equity markets start to look like a bubble as well.

Ripple was moving inside a narrow range for over a year, but broke down for the first time since. Similar to the movements we've had in 2015in which it broke down as well, only for once. The reason for it to take longer now -> markets mature and therefore take a longer time period to start cycling again.

In that perspective I'm aiming to see the blue horizontal line hold around $0,14-0,17 as a support zone . Target for this move would be $0,45-0,50 area as the range high. A move of 175%.

Given the sentiment on Ripple, but the amount of things they develop and progress, I've no doubt people only expect further downside.

If we lose blue, then we've got some serious problems going on, however, the pattern is once again similar to the one in 2015 -> not expecting.

Comments

How is your view on the large amounts of XRP being sold by McCaleb on your prediction? Any ideas how his selling behaviour is able to influence XRP price in 2020?
+2 Reply
Great analysis! I would like to know your opinion on this chart
+1 Reply
CryptoMichNL CryptoBullet
@CryptoBullet, nice one!
Reply
FerroIgnique CryptoBullet
@CryptoBullet, I think it would likelyfall to the next support line before breaking upward
Reply
CryptoMichNL FerroIgnique
@FerroIgnique, I doubt we get that low. Rarely things to that far into a falling wedge structure.
Reply
hey
+1 Reply
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