dynamik

XRP realistic outlook

Long
BITFINEX:XRPUSD   XRP / U.S. Dollar
I’ve had this chart for a while now.
A lot of bearish concepts, even on long term view, based on previous bull run up.

Xrp as a high supply, big market cap coin has always been a long duration play. I remember when I first got into trading, late 2016 maybe. I jumped into poloniex margins without knowing what I was doing. I fed the xrp beast on a decline, almost certain it would go up as coins back then were regularly going 10-500x. And you could play a coin that was like .03¢ on fricken margin. I ended up getting rekt on margin with over 250,000 xrp on deck, right before it went apeshit.

All that to say, XRP defies expectations. Both in its correction duration and in its defiance of gravity on the up swing.

I have been burning up loot on XRP margins, a couple hundred here, thousand or two there. Because ultimately I like margin play (I’ve made wins too). I can risk far less and build a position of strength to add to. *This is risky, only play with what your willing to give to other traders.

Yesterday was strong dip sauce . I think we are in pre run up to a possible wave 3 or potentially a true wave 1 impulse.

BUT we have a full count previously so I think Wave 3 is most likely scenario. More lows pushes are possible. I don’t think so. Most realistically not below .24
I think we are almost complete of a slow grind off of Wave 1 retrace to .618.

Break down of my chart as follows:
Red boxes are consolidation areas, I believe at 1week time frames. Strong resistance when below, strong support when above. Can be trapped in for significant amount of time. Can be dipped into to shake out or create the FOMO.
Dotted red lines are monthly flip levels. Price action can blow through these only to ratchet back down for a monthly close.

A likely target for a Wave 3 impulse is roughly .38
If she extends we could see as high as .83-.90
If defying all gravity we could see higher.

XRP is tired of being number 3-4 asset on market cap while having been in constant decline. This and the fact that it has been avail on margin since early in the game and is usually 1 of 4 that are exclusive to margin trading across exchanges should tell you something of its staying power.

I’m not saying the time has come for a 5$ push. After this potential wave 1 and wave 2 correction of 4 months duration, I think we push up and breach our .30-.33 resistance channel.

Place your bets
But not based on this advice
Because losing money is easier than winning it
Comment: The possibility that we see under .24 comes at the expensive of this 3 wave structure off of the bottom being a diagonal.
Either leading or corrective.
And has potential for the .228 area

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