Welcome to my new analysis of XRP from the daily timeframe perspective. XRP recently caught my attention because it is forming a hugely bullishly inclined formation that has the potential to convert into a massive bullish breakout once the formation has been finalized. Especially as the XRP number is growing further and XRP is becoming more and more popular this is a bullish sign adding to the current scenario.
When looking at my chart now XRP is forming a highly important formation here which in almost all of the cases is a sure indication of a major bullish breakout to follow through. This formation is called a bullish descending wedge formation and such a formation is completed once the wave count from A to C has completed with the final wave C and the bounce in the lower boundaries.
Currently, XRP is already approaching the main structure support levels from where a major bounce is likely to follow through within the next times as it is marked within my chart. Once XRP has done so the final bounce above the upper boundary of the descending wedge is going to mark the fundamental origin of a huge bullish expansion wave to follow up into the upper directions.
Once the whole bullish descending wedge formation has been finalized this will activate the minimum target zones seen within my chart in the upper boundaries of the primary bullish channel formation. Once the final target zones have been reached and the bullish volume and momentum hold on XRP will easily move above these levels and accelerate the trend dynamic.
Thank you everybody for watching my idea about XRP! Support is greatly appreciated.
VP
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ANALYSIS UPDATE: XRP already formed the bullish breakout and completed the descending triangle formation.
With the final breakout XRP now activated the bullish target zone.
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ANALYSIS UPDATE: XRP is remaining stable within the top 10 cryptocurrencies of the whole cryptocurrency market.
With this backing and the volume of the bullish ETFs this is likely to accelerate a major bullish wave extension in the next times.
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ANALYSIS UPDATE: XRP fully completed the whole descending triangle formation and is on the way to reaching all of the bullish target zones.
Hi there, any update on Cardano(Ada) and ChainLink? Thanks.
cryptoanteger
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agreed, XLM and XRP go hand in hand *m betting big on XLM
iaretheanimal
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DoughyBoi
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@iaretheanimal, if you're going to use EW as a guise to technical analysis, at least make it right. A key component of EW analysis states that wave 2 can never retrace below the beginning of wave 1. Likewise wave 4 does not overlap the peak of wave 1. This invalidates this entire chart based on EW principles.
Mitchel_L
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finnaly someone with a logical target instead of 1000 or 10000, upvoted!