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Closing In On The Run

Long
BITSTAMP:XRPUSD   XRP / U.S. Dollar
We are charging towards the vertex of this descending channel (a bullish reversal pattern). If you zoom in, you will see we have formed what appears to be a bull flag with a target that puts us at a closing price above the 20 EMA .

If it plays out, this will be the first time we have a definitive close above the 20 EMA since 26 April.

Unlike many other chart analysts, I do not believe XRP has started any bull run movements yet, despite making higher highs and lows since March of 2020. My analysis tells me that the period from March 2020 to now (on a long-term scale) has been a part of a larger Wyckoff Accumulation Phase C and D. These phases are typically upwards trending with multiple springs and signs of support - which is what XRP has shown.

In fact, I believe that this breakout will be the very first leg of parabolic impulses and signal the beginning of XRP’s 5 waves up, which will coincide with Phase E of the Wyckoff accumulation.

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