On the above 5-day chart price action has corrected 80%. A number of reasons now exist to be bullish, including:
1) The ‘incredible buy’ signal has printed. Do not ignore on this time frame.
2) Price action is currently on the 0.618 golden zone as measured from March 2020 bottom to the April 2021 high.
3) The Cup and Handle formation is text book. The handle is forming a perfect bull flag. The $1.80 target is an easy stretch to make from current levels.
4) IF the $1.80 becomes support later this year, expect $25 as the next target.
5) On the 2-day chart (below) price action is printing strong bullish divergence following a buy signal.
Is it possible price action falls further? For sure.
Is it probable? No.
Those crazy targets a number of charts are suggesting are nothing to do with the token itself but rather everything to do with what is happening to the dollar. This is what the beginning of a currency reset looks like.
"Incredible buy' prints on the weekly chart for the first time ever on the weekly chart of XRP price action.
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Price action breaks out of bull flag on the BTC pair. Should be interesting weeks ahead for XRP.
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Price action (again) lands on the golden pocket.
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Hidden bullish divergence apparent.
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A big move for XRP cometh the new week.
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Forgot to add the chart - see the weekly hammer on past resistance? Which is also on an important Fib level not to mention a higher low.
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70 cents next stop.
Did you see the daily chart? Have you seen what just happened?
Deja-vu 2017..
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18 cents to go...
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September 2018 or March 2017, that is how far you’ve got to look left to see the last time XRP price action broke through the 100-week EMA (cyan line) on the weekly chart.
If is a fact to say that every time this has happened in the history of XRP… price action made astonishing upside moves.
Will this time be different? No.
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Price action setting up for a monster move
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A 2-week chart. Do you see what I do?
Seems to me everyone panics at a 5-10 cent move. They've no idea what's going to happen. Ironically the evangelical will allow their emotions to sell out long before this target is reached!
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Bitcoin goes down, XRP goes up. It might not feel like it but a wicked alt-season is nearing. You know the best plays, I've talked about them often enough. Don't miss out.. upon this market melt-up another like it will not be seen for 3-4 years.
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close 'short' positions if you've got them open.
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Well that's interesting... in a good way.
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PS: What happened in the last couple of weeks has not happened since October 2018.
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Resistance is printing a breakout
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Price action is about to print a move to 75 cents in the weeks ahead.
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Ripple Labs shall win the court case against the SEC in the coming weeks. How do I know? Because the chart told me ;) Something awesome just printed in the chart.
The result will be powerful for not just XRP but all tokens identified as securities by the SEC.
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A win for Ruppee labs..
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Close swing trades, will say why elsewhere
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A large move upwards is about to print. Don't let the negative emotions doing the rounds shake you out.
Daily chart
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GRP support confirmed.. next resistance at 80 cents
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A good moment
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See the signal print on the XRP-BTC pair? It's not wrong, is indeed a great buy.
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The macro cup and handle pattern this idea began with a year ago is now easy to see, isn't it?
Price action is currently in wave 3, expecting a corrective move from 3.60.
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Now... especially if you'Re a Ripple fan-boy / girl / non-binary / they / it
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Strong GRM support confirmation.
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A move to 90 cents begins shortly.
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Been holding off closing this idea for a couple of weeks, but this now all but certain. Market structure is broken on the monthly. It is not possible to see a bullish outlook for XRP in 2024 and the year after, sorry!
Support is at 12 cents currently, there might be a good long opportunity at that time.
@ThumbSkin, Oh yeah! Everyone should. Tell them to stick it where the sun don't shine.
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@chakoban, As alluded to at the end of the idea this target is everything to do with what is happening to the dollar and not XRP. On the monthly DXY dollar index chart below price action broke out of a massive acceding triangle formation. The index is currently overbought with a high probability of a correction. What has this got to do with XRP? Anything that is measured against the dollar is very likely to see considerable appreciation in the months ahead because of the up and coming backtest to confirm the breakout. This will likely bring new stock market highs towards the year end.
This all sounds fantastic! Yes and no. While my studies do point to some sort of melt up for risk assets, the confirmation of the backtest will be horrific for anyone remaining long. If those targets do come about, be long dollar. Every other FIAT currency will be under considerable pressure, let alone crypto assets. This will be horrible for the world economy, except for the US.
Everything Brent discusses is sort of playing out..
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@without_worries, Thanks WW, Yes I'm familiar with Brent Johnson and his theory. Lets say there'll be a perid for dxy to go and back test break out levels of say 90-94 region. This would take max not more than 6 months. So do you anticipate such a great boom to occur in this time bracket during which xrp goes to $25 and most of your other posts being fulfilled? That's where my concern is; the required time for such explosion vs prospective backtest time based on dollar milkshake theory. What do you think? Cheers,
When gold broke out of a similar formation (10-day chart below), gold bugs were screaming for the moon. Was more cautious myself, no decisions until confirmation of support. Now it was clear, no support, as massive fake out.
The market will do well as the DXY corrects, I’m certain of that. What happes after that? Support is expected. In that situation, we’re going to see a massive stock market correction. What if the FED starts with rate cutting at that time to ease recession? The no support and downwards.
We will just need to wait. The yield curve has inverted and now everyone is talking of recession. However we’re not in one. The yield curve for the 2008 recession inverted almost 2 years prior.
I just don’t know.
What I can say is what I see in the charts. Of course just because there is a cup and handle pattern there does not mean it will convert. Nonetheless, it is a high probability.
It is also worth reading the S&P 500 idea, that took some hours to put together, the research. It was very weird, this idea is putting much weight on a melt up of some kind in the following months.
Suffice to say, it does not matter the token, the stock, there’s an event approaching that is going to put a lot of upward pressure on risk assets in the coming months and I don’t know why.
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@without_worries, Well said WW! Thanks! I like exchanging ideas with intelligent people. My idea on gold is this; I'm always a buyer of PHYSICAL gold, no matter what. Yes, I'm invested in btc/crypto but I accept this as a speculative asset, I accept terms and conditions that come with it (I.e multiple x's up or down in relatively short time possible) Gold however, is my insurance. Gold can only sell so much and I expect a massive massive spike on gold&silver once the current financial system implodes. The forces are working very hard for this to happen and I think this will happen rather sooner than later. Yes, dollar superspike first perhaps even to 160 levels but then, right then the implosion. Global reserve currencies have ALWAYS died with a final bully showndown, with a final blow out while trying to say" I'm the king of the world' while knowing that it has been battered and have no longer energy and life left inside. Just imagine the price of PHYSICAL gold and silver then (infact it'll be priceless as dollar would have imploded). Can this event also lift the crypto to heavens including xrp to $25 and xlm to $12, as per your posts, I don't know but I hope! Bottom line here, it is time to prepare to the upcoming implosion of financial system with as many aspects as possible. All hard assets, PHYSICAL gold and silver, property, land, crypto and PHYSICAL cash( during transition period, as I expect people won't be allowed to access their account as highly likely banks will also implode) will be in much demand.
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@chakoban, I think Gold will do well in the future, mid-2023 and onwards, but the remainder of this year looks very bearish. I've been short since $1900 as per the idea below. The 6 month chart printed the strongest Gravestone DOJI candle I've ever seen on Gold price action in its history. This all points to something we've not seen before, like the Milkshake theory. The only people benefiting from all this is the people in the know, whereas the masses.. I truly hate all this. Makes my stomach churn reading about folks being evicted from homes as landlords drive up rent for no reason other than 'they can' or indeed increasing rates to curb inflation. If inflation was such a concern for the FED, why did they inflate the money supply by 40% in the last 5 years?
That means circa 1.2T market cap ? What sort of catalyst could be such trigger that would elevate the price to an astronomic $25?
Cheers,