XRP Appears To Be Completing Transition into A New Bull Cycle!
Hi friends! Welcome to this analysis on XRP! Looking at the daily XRP chart, we can see that XRP broke out above a massive falling wedge pattern in July. Since then, we can see that XRP retraced to the top of the falling wedge pattern (in blue) and tested it multiple times for support. Each time, XRP held the top of the falling wedge as support, and now, we can see that XRP is making a serious looking turn to the upside.
Based on the size of the falling wedge pattern, I've found that the upside target should be around the 0.80 level. However, the 23.6% retrace for the entire bear market is at about 0.92. So, it's possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels.
Before we get too far ahead of ourselves, we can't forget about the fact that there are several pivot highs that XRP will need to contend with in the near future. They're all around the 0.32 to 0.35 levels. So, if XRP can surpass those peaks (which I believe there is a high chance that it will) it will clear the way for a run to the 0.55 level, where the next major resistance lies. After that, we can expect a test of the 0.80 range. So, while there are some strong resistance levels to contend with, I think XRP could be on the verge of the next powerful bull market that we've all been waiting for. To put things into perspective, we can see that XRP as only just begun forming higher highs and lows. So, the bear market appears to have ended, and we also appear to be coming out of the transition phase into the next bull cycle. If XRP can take out the aforementioned highs, it will be solid proof that the next bull market has begun.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Based on the size of the falling wedge pattern, I've found that the upside target should be around the 0.80 level. However, the 23.6% retrace for the entire bear market is at about 0.92. So, it's possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels.
Before we get too far ahead of ourselves, we can't forget about the fact that there are several pivot highs that XRP will need to contend with in the near future. They're all around the 0.32 to 0.35 levels. So, if XRP can surpass those peaks (which I believe there is a high chance that it will) it will clear the way for a run to the 0.55 level, where the next major resistance lies. After that, we can expect a test of the 0.80 range. So, while there are some strong resistance levels to contend with, I think XRP could be on the verge of the next powerful bull market that we've all been waiting for. To put things into perspective, we can see that XRP as only just begun forming higher highs and lows. So, the bear market appears to have ended, and we also appear to be coming out of the transition phase into the next bull cycle. If XRP can take out the aforementioned highs, it will be solid proof that the next bull market has begun.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-