The chart is split up into 3 sections. Tools Used - Fib retracement / Fib Channel / Trendlines & Support and Resistance Levels (Pinpoint). !!! Not Financial Advice !!!
The chart may look complicated at first but here is the breakdown to simplify the thought process.
1. Why the weekly chart and not the daily hourly chart? This is because the Fibonacci Retracement tool works best and is more reliable on larger timeframes. The Fib Channel also works best on larger timeframes, however, needs ample amount of past data to be utilized properly. In this particular case the XRP chart so far is respecting the channel with no deviations out of it.
2. From past charts we can see that in every bull run so far (2013, 2017 Bitcoin to ETH to XRP), the 4.236 level has always been reached and in many cases even surpassed. Therefore, we can estimate that the 4.236 level is either the end of the bull run (Conservative side) or the last leg up (Generally with an overshoot). As the Fib Channel is so far being respected using the 2013 and 2017 data, this can indicate the direction the price of XRP will follow through the coming years till the channel is broken.
3. Trendlines - The border blue lines are just to tighten up the channel from the wick tops and wick bottoms. The red trend line taken from the top of the 2013 bull run and runs across the bottom of the consolidation in the 2017 bull run meets the Resistance level at 0.3916c which is the top of the first run in that period. Using this I drew a blue line from the top of the bull run down to those two points (This is the point where I believe each bull run will be in full effect).
To confirm the $13 price range as per the Fib retracement, I have drawn a green trend line which runs from the bottom of the chart and is respected through the 2017 and 2020/21 run, this ends up hitting the tightened channel (Blue border) at the $13 price range (This is more clear when zoomed in). A second confirmation can be found with the the thin blue line running from the top of the 2013 bull run to the top of the candle close in the first run up of 2017 bull run which is also respected through the 2020/21 bull run.
Lastly I took the trend line from the top of the 2013 bull run through the top of the wick of the first run up in 2017 which lands at a price of $80. I believe this will be close to the final value off the asset at the end of this bull run. I believe this will be another trend line which will be respected in. both this run and the upcoming 2024 bull run.
The resistance and trend lines along with the FIB tools represent confirmations of the price we should see rather than the time we should see it at.
The chart may look complicated at first but here is the breakdown to simplify the thought process.
1. Why the weekly chart and not the daily hourly chart? This is because the Fibonacci Retracement tool works best and is more reliable on larger timeframes. The Fib Channel also works best on larger timeframes, however, needs ample amount of past data to be utilized properly. In this particular case the XRP chart so far is respecting the channel with no deviations out of it.
2. From past charts we can see that in every bull run so far (2013, 2017 Bitcoin to ETH to XRP), the 4.236 level has always been reached and in many cases even surpassed. Therefore, we can estimate that the 4.236 level is either the end of the bull run (Conservative side) or the last leg up (Generally with an overshoot). As the Fib Channel is so far being respected using the 2013 and 2017 data, this can indicate the direction the price of XRP will follow through the coming years till the channel is broken.
3. Trendlines - The border blue lines are just to tighten up the channel from the wick tops and wick bottoms. The red trend line taken from the top of the 2013 bull run and runs across the bottom of the consolidation in the 2017 bull run meets the Resistance level at 0.3916c which is the top of the first run in that period. Using this I drew a blue line from the top of the bull run down to those two points (This is the point where I believe each bull run will be in full effect).
To confirm the $13 price range as per the Fib retracement, I have drawn a green trend line which runs from the bottom of the chart and is respected through the 2017 and 2020/21 run, this ends up hitting the tightened channel (Blue border) at the $13 price range (This is more clear when zoomed in). A second confirmation can be found with the the thin blue line running from the top of the 2013 bull run to the top of the candle close in the first run up of 2017 bull run which is also respected through the 2020/21 bull run.
Lastly I took the trend line from the top of the 2013 bull run through the top of the wick of the first run up in 2017 which lands at a price of $80. I believe this will be close to the final value off the asset at the end of this bull run. I believe this will be another trend line which will be respected in. both this run and the upcoming 2024 bull run.
The resistance and trend lines along with the FIB tools represent confirmations of the price we should see rather than the time we should see it at.
Trade active:
2013 - 2017 trendline (1) continues to be respected and the second bull run seems to have started right off the line