MagicPoopCannon

I May Have Solved The XRP Price Mystery! READ ALL!

BITSTAMP:XRPUSD   XRP / U.S. Dollar
This may be one of the best and most insightful XRP analyses I've ever created. I think I have finally cracked the mystery of how XRP will progress from here. Please, read this analysis in it's entirety, and try to understand how it relates to the chart.

Looking at the daily XRP chart, you can see that I have most of the price action drawn inside of a blue falling wedge . Now, a lot of people will probably criticize the way the bottom blue trendline is drawn, because it only made contact with one swing low in August of 2018. However, let me explain WHY this falling wedge needs to be drawn this way. Looking at the left side of the chart, you can see that there was an area of strong overhead resistance, just before XRP skyrocketed to it's all time high. There were several occasions where price attempted to break out above that resistance (blue downward arrows.) Just look at how price reacted to it. That level was severe overhead resistance, and when XRP finally got above it, faces were absolutely melted.

After XRP reached it's all time high, we can see that price returned to that EXACT SAME TRENDLINE (first blue upward arrow.) Since then, XRP has been chopping around above that trendline , in a way that has created a falling wedge . So, I do think there could still be some more downside for XRP in the short term, which would likely bring XRP down to the bottom of the falling wedge . From there, I would like to see a hold on the bottom of the wedge . That would be massive confirmation that we are in a big falling wedge pattern — which is bullish for those who don't know.

Now, I've shown in a recent analysis how the current MACD is rising in a way that is identical to how the MACD behaved in 2016. There is a clear bullish divergence on the MACD , showing us that the sell side pressure has been falling since mid 2018. Furthermore, when we look at the accumulation/distribution graph, we can see that in September of this year, XRP broke out above level of accumulation at XRP's all time high (red trendline .) Since then, accumulation has been rising rapidly, while price has continued to fall. This is also a clear bullish divergence to price.

As you can see, price could continue to oscillate inside of this formation. I've illustrated that with arrows that show hypothetical future price movement.

Here is where this analysis gets extremely interesting. To calculate an upside target for a bullish falling wedge breakout, you take the height of the wedge (dashed blue vertical trendline ) and add it to the potential breakout area of the formation. That suggests a price target near 1.00. I have taken my Fibonacci retracement tool and measured the low from the bottom of this falling wedge pattern, to the 1.00 area, and the 61.8% retrace corresponds EXACTLY with key swing highs and lows, as you can clearly see on the chart. That is incredible technical symmetry to say the least.

We still don't really know how price is going to respond, and it isn't wise to trade a pattern before the actual breakout. In the long run, trading breakouts will increase your likelihood of success. That's not financial advice. It's simply my opinion on how to trade effectively.

Please keep a close eye on this pattern. It could turn out to be the most important feature in XRP.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-

Comments

hope you get banned one day
+26 Reply
@monetae_CB, I believe this is company's account - from TradingView itself.
+1 Reply
sniperking monetae_CB
@monetae_CB, looking pretty accurate to me
+1 Reply
ShahE3n monetae_CB
@monetae_CB, pretty accurate so far! Why u guys had commented like this just after one day he published this long term idea!
+1 Reply
New people to Teamviewer. Please be very critical of PoopCannon. Constantly posts contradicting things, and will post the day after with a 100% turn around if the market goes against his "100% accurate prediction".

ZERO INTEGRITY
+17 Reply
racistpancake RM13632221
@RM13632221, it's best to post contradictory posts, because it let's you have a bigger picture of how different variables are reacting with each other.

"One thing suggests this, another suggests that. This one weighs more heavily, so I'll go with that one"

Something like that.
+2 Reply
robbiegrass RM13632221
@RM13632221, you can't even trade this lol, this is just gambling with a graph. If you want a real trade plan for ripple, just check this
+1 Reply
madgr0wler RM13632221
@RM13632221, TeamViewer? Or Trading view?
+2 Reply
GerbenDeZeeuw RM13632221
@madgr0wler I think Robbie is new to TradingView. You can hate XRP, only talk negative in general or trade emotional. But this guy Magic does have some really good TA skills.
+1 Reply
madgr0wler GerbenDeZeeuw
@GerbenDeZeeuw, Agreed.
+1 Reply
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