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Short term XRP visits $0.221, finds support, and closes the weekly above the trend.
It then starts eating away at the $0.355 resistance until it finally breaks. After breaking $0.355 XRP hovers somewhere between $0.335 and $0.50 for a week or so.
Similarly to $0.335 one or more attempts will be needed to pass $0.51. First however $0.335 needs to be confirmed as support and close the weekly above it.
This type of behavior continues in subsequent levels but the difference is that volatility increases as XRP moves north.
Alternatively, the current weekly remains above the trendline, and testing $0.221 is skipped.
In such a scenario XRP starts attacking the $0.34-0.35 range quicker than anticipated.
A clear break above $0.35 is what most remaining bears are looking for to turn optimistic, as this has historically been a difficult level to break!
I'd also argue that passing $0.51 confirms a full-on bull-market for XRP and at that point volatility goes into overdrive.
Consolidation in the $0.335 - 0.51 range may take a couple of weeks depending on what Bitcoin does.
Ultimately $1.00 in 2020 is a conservative target if the overall market remains in an upwards trend.
What's your take? Let me know in the comments!
It then starts eating away at the $0.355 resistance until it finally breaks. After breaking $0.355 XRP hovers somewhere between $0.335 and $0.50 for a week or so.
Similarly to $0.335 one or more attempts will be needed to pass $0.51. First however $0.335 needs to be confirmed as support and close the weekly above it.
This type of behavior continues in subsequent levels but the difference is that volatility increases as XRP moves north.
Alternatively, the current weekly remains above the trendline, and testing $0.221 is skipped.
In such a scenario XRP starts attacking the $0.34-0.35 range quicker than anticipated.
A clear break above $0.35 is what most remaining bears are looking for to turn optimistic, as this has historically been a difficult level to break!
I'd also argue that passing $0.51 confirms a full-on bull-market for XRP and at that point volatility goes into overdrive.
Consolidation in the $0.335 - 0.51 range may take a couple of weeks depending on what Bitcoin does.
Ultimately $1.00 in 2020 is a conservative target if the overall market remains in an upwards trend.
What's your take? Let me know in the comments!
Comments
@Tickrate, i agree. In this idea I am just pointing out that we could rise to .48c or if we break that resistance zone we could peak to the threshold level. If the market volume goes up and volatility we could keep this sharp move going. The vertical lines show where we started this year with price and Jan 1st where we end the years price. Ive watched a lot of charts in my life so far and ive seen some assets just range for years between prices before breaking out on a full on bull run. To me price could go up and even drop down real fast making an expanding flat kind of like pattern and then i would be wrong about the bottom possibly being in. My hopes is for a threshold spike into another flag but a bullish one then into another spike giving us a nice and steady Elliot wave 1 through 5. Where 3 would break through .50c zone and hover. There are a lot of scenarios and I never hold my gut to just 1. If the tides rise then ill expect a 1,2,3,4,5 type of move. Or shit even more than that. Overall the monthly looks like a breakout and we could keep going up from here and not range into a squeeze into the end of next year.
Reply
Notice how the 50MA (green) has been passed multiple times in the downward trend but did not manage to close above it, until recently. This is why $0.21-0.22 is our target in the first scenario as the market may want to confirm resistance becoming support.
Second scenario is more likely if the current weekly closes above the 100MA (Orange)