Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
I promise this is not an analysis to gain followers or become an XRP Army fellow. This is just a real analysis of something that is showing some potential. That being said, here we go.
We've all seen the channel and I'm here to give my opinion on it. This is on a log scale. We're at the end and if you look at the candle from last week (You may have to zoom in on the chart a bit to see it better), you will notice we had a bit of an accumulation candle. We ended green and it was a bullish engulfing candle, which we haven't seen since May 13. It wasn't as impressive but I'm ok with that.
Next, everyone wants to know targets. Here's some important levels to look out for:
Long Target 1: $.46 Long Target 2: $.76 Long Target 3: $1.32
If we fail this channel, and we might be soon, bearish targets are as follows:
Short Target 1: $.12 Short Target 2: $.05 Short Target 3: $.03
It's a mixed bag and full disclosure, I am long on XRP from roughly $.24
If you like Elliot Wave, you'll notice that I have a 23.6% extension sitting out there at $17.70 on the nose. I plan to hold this XRP as it's a small position in the grand scheme of things. I believe we will go up, but if we break this trendline, I will cut losses and wait for things to turn around.
Trade safely friends! <3 -CE-
Comment
⋅
I'll try and illustrate this as far as how I think XRP could get to some of the targets. Remember targets are $.46, $.76 and $1.32.
First, lets just assume BTC is at $10,000. That will make the satoshi calculation easier. 2400 satoshi is $.24 at that price. $.46 puts us at 4600 satoshi, then the next target is 7600 satoshi and finally 13200 satoshi. Now, the question remains, is that attainable? I believe it is... assuming "alt season" happens in the next few weeks. Of course we also know that btc will not always be at 10k so there are fluctuations that we'll need to take into consideration
This chart displays the support and resistance levels I'm using to identify these points and I don't think it requires btc to reach an all time high for it to happen. I always look at these data points with both sets of glasses on and to know when I'm wrong. In this case, I believe I'm wrong if XRP goes below 2400 sats and stays there for an extended period of time (a week). We are sitting on that critical support zone (2400 sats) but for us to reach that top target of $1.32 then we only need to achieve 13200 sats. Very attainable if you look at history. Some would argue that there's not enough bullish pressure for this to happen. Others would argue that XRP is a "money printing machine" and I would generally agree with both of those statements which is why I am cautious and only staking a small position right now.
One could also argue that all alts are a scam (which I have publicly done) and we're all suckers for even considering buying anything other than BTC. I'll leave that to your imagination.
Red lines = support zones Yellow lines = resistance zones (and targets) Green line = point of control for xrp throughout the entire trading history on finex. This is most interesting as it's basically right where we are currently.
I just don’t get why people can’t see it it’s so obvious we’re going below .23 cents
bitdoctor
⋅
@jacobshultz, it is very possible. I always look at trades with both views. If we fail this level I've got my support levels and will watch the reaction. Things move quick though so it's easy to miss the reaction. Mostly just sitting idle with a small position waiting to see how this resolves.
XRPTheStanDaRd2000
⋅
@bitdoctor, I just get egotistically pissed off cus there is only a few handful of individualizes that are really recognizing the last few fractals of the previous XRP bear market- Why.Is.it.The.Same?
literally zoom in side by side...It is repeating. I don't see why a continuation of the past(in these extreme circumstances) would not continue to play out until it moons like it did.
WorldEconomics
⋅
Channel broken. Bear market is here
bitdoctor
⋅
@BankofEngland, Thanks for the comment. That is entirely possible. I'm keeping my position for the time being. Currently still above $.24... but barely. I'll give this some breathing room but you may be right.
WorldEconomics
⋅
@bitdoctor, - Ripple may very well hit $0.20 before another break out, and the reason is, Bitcoin isn't done selling. BTC $7,500 is a huge possibility.
Eskwyr
⋅
@BankofEngland, I think BTC is going to 6500-6000, minimum. Needless-to-say, I need not remind you what will happen to the alt coin market if BTC tanks that much.
Oh, sir. And I believe in it. But who knows, will Waves work again at this time or not. Today we are clearly see that they works! But all can change tomorrow.
And I am sure, that we cannot drop to 5 cent. If it is - Ripple will be the biggest scam in crypto.
bitdoctor
⋅
@Pafno, only time will tell but we are nearing a decision making time. If we continue moving sideways then I believe we break down. I need to see some bullish pressure to believe we are going to indeed hit any of those targets.