XRP is perhaps one of the most divisive coins in the world of crypts. Yet he has a huge following camp. A favorite of many of us. Recently, the SEC lawsuit has had a fairly negative impact on the exchange rate. Trading has been suspended on several stock exchanges. That is why your future may be a big question. I wonder what future he has for us. What news does this bring to the future that we can already learn about the graph?
Why am I bullfighting XRP?
This analysis is also a strictly technical analysis.
Analysis:
Let's see what secrets the good old XRP reveals about itself!
The graph shows a weekly view.
An order of magnitude change?
First of all, what I notice is the existence of magnitude shifts like Bitcoin. This is also clear from the XRP graph. Each shift + 10x. That is, for example, from the starting rate of $ 0.01: it will be 0.1$, and so on. These levels are indicated by horizontal thin black lines. Any change of this magnitude was followed by a significant overflow! The extent of these is indicated by arrows pointing upwards from the magnitude changes. What they have in common is that in each case they exceeded the higher order of magnitude by at least 200%. So far, this process has taken place 3 times, and like Bitcoin, there has been a “double pump” shift. That is, in a short time he was able to shift 2 orders of magnitude upwards. If the trend remains and we can be part of another order of magnitude change, we could exceed the 10$ price by as much as 200%. That would be 30$, which at the current price of 50 cents certainly has an incredible 5000% growth potential.
Cycles?
Apparently XRP also has cycles. We are currently in the correction of the 2nd such cycle.
The first correction cycle lasted from 2015 to 2017. The price fell from the previous top to the curved support marked in green. The second such correction cycle runs from the previous top in 2018 to the present day. Also on the support curve marked in green. This second correction cycle lasts much longer than the previous one. But obviously we are already nearing the end of this. I marked the expected eruption zone with a green rectangle.
In both correction cycles, a FIBO level of 0.236 represents the resistance upward. This level is currently roughly at the 1$ psychological price. If we manage to get over it, we can witness a great process.
The elevations so far, the angle is quite similar (blue lines). If an eruption occurs, the same intensity as before can be expected. The situation is similar for corrections. The angles of the oblique resistor marked in red are very similar. What is worth noting is that towards the end in all 2 cases the price climbs to the line. In the current cycle, this stunt produces much more intense oscillations, which can project large movements.
Based on past movements, there is a pretty good chance of reaching the 2018 peak.
RSI:
It is characterized by visibly rising trend lines that tend to erupt suddenly upwards. It is also characterized by a multitude of visibly rising bottoms in the current cycle. This trend may continue for some time to come.
Conclusion:
Breaking the 1$ level and retaining it is key. If a magnitude change occurs again, you can reach a fairly high peak above 10$ for a short time (a couple of weeks). The latter is worth keeping in mind. Obviously if this happens it will be a buble. But what’s good about it (for the bears) is that in the long run, the correction cycle will take place again at a higher bottom.
If you liked the analysis, click on the like and subscribe to be informed about future analyzes and updates.
Non-financial advice. Trading in cryptocurrencies is risky and can result in losses.
Translated with Google Translator
Peace
The-Line
Why am I bullfighting XRP?
This analysis is also a strictly technical analysis.
Analysis:
Let's see what secrets the good old XRP reveals about itself!
The graph shows a weekly view.
An order of magnitude change?
First of all, what I notice is the existence of magnitude shifts like Bitcoin. This is also clear from the XRP graph. Each shift + 10x. That is, for example, from the starting rate of $ 0.01: it will be 0.1$, and so on. These levels are indicated by horizontal thin black lines. Any change of this magnitude was followed by a significant overflow! The extent of these is indicated by arrows pointing upwards from the magnitude changes. What they have in common is that in each case they exceeded the higher order of magnitude by at least 200%. So far, this process has taken place 3 times, and like Bitcoin, there has been a “double pump” shift. That is, in a short time he was able to shift 2 orders of magnitude upwards. If the trend remains and we can be part of another order of magnitude change, we could exceed the 10$ price by as much as 200%. That would be 30$, which at the current price of 50 cents certainly has an incredible 5000% growth potential.
Cycles?
Apparently XRP also has cycles. We are currently in the correction of the 2nd such cycle.
The first correction cycle lasted from 2015 to 2017. The price fell from the previous top to the curved support marked in green. The second such correction cycle runs from the previous top in 2018 to the present day. Also on the support curve marked in green. This second correction cycle lasts much longer than the previous one. But obviously we are already nearing the end of this. I marked the expected eruption zone with a green rectangle.
In both correction cycles, a FIBO level of 0.236 represents the resistance upward. This level is currently roughly at the 1$ psychological price. If we manage to get over it, we can witness a great process.
The elevations so far, the angle is quite similar (blue lines). If an eruption occurs, the same intensity as before can be expected. The situation is similar for corrections. The angles of the oblique resistor marked in red are very similar. What is worth noting is that towards the end in all 2 cases the price climbs to the line. In the current cycle, this stunt produces much more intense oscillations, which can project large movements.
Based on past movements, there is a pretty good chance of reaching the 2018 peak.
RSI:
It is characterized by visibly rising trend lines that tend to erupt suddenly upwards. It is also characterized by a multitude of visibly rising bottoms in the current cycle. This trend may continue for some time to come.
Conclusion:
Breaking the 1$ level and retaining it is key. If a magnitude change occurs again, you can reach a fairly high peak above 10$ for a short time (a couple of weeks). The latter is worth keeping in mind. Obviously if this happens it will be a buble. But what’s good about it (for the bears) is that in the long run, the correction cycle will take place again at a higher bottom.
If you liked the analysis, click on the like and subscribe to be informed about future analyzes and updates.
Non-financial advice. Trading in cryptocurrencies is risky and can result in losses.
Translated with Google Translator
Peace
The-Line