XRP LOVERS MUST READ! Here's Why I May Be Wrong About XRP 0.15!
While it's true that XRP is hanging on by a thread right now, it may also be true that we may be on the cusp of a massive explosion higher. I know that I just recently said that "I fully expect XRP to reach 0.15," but I may have been wrong about that. In this analysis, I'm going to explain why I may have been wrong about XRP reaching 0.15, and what has to happen to prevent XRP from a major meltdown.
In front of you there are two charts. The chart on the left is a look at XRP during 2016 and early 2017. On the right, we have the current XRP chart. What I found, is that the patterns on both charts are amazingly similar. Looking at the orange trendline, you can see that the way price interacts with it, on both charts, is almost exactly the same. At the beginning, the initial test of the orange trendline produced roughly two touches, then a powerful rally occurred. After that, price fell back to the orange trendline, creating a sort of head and shoulders formation. That happened perfectly on both charts. After that, price spent some time grinding higher, right on top of the orange trendline. Again, that happened exactly the same on both charts. From there, price popped above the 200 MA (in purple) forming a three peaked mini head and shoulders. That too was nearly identical on both charts. After that, you can see that price fell back to the orange trendline, but then dropped below it. After that, price tested it for resistance, failed, and dropped lower. That is an identical chart pattern for sure. From there, you can clearly see what happened to XRP in 2017. According to this chart, we may be just at the point of launch.
Some more supporting evidence of this can be seen on the MACD. There is a clear rising support level for momentum, with exactly four touches. This clearly occurred on both charts. This shows us that the sell side pressure has been falling over time. It also suggest that XRP might be right at the point of launch. You can see that after the fourth test of the MACD support in 2017, XRP began it's historic 77,630% rise.
Again, if we look at the accumulation and distribution graph (on the bottom) you can see that it began rising between 2 and 3 on the MACD. So, this is showing us that investors are accumulating XRP right now, in a way that is very similar to what was seen in late 2016 and early 2017.
All of those things suggest that XRP could be on the brink of an absolute explosion higher. However, if price deviates to the downside, it would probably be catastrophic for price, simply because it would show us all that price isn't mooning like it did in 2017. If price begins to do the opposite, I think a lot of investors will head for the exits. From a technical perspective, if XRP continues to head lower here, breaking down below the 0.195 level it would be confirmation that price has failed to hold the lateral series of lows that it has made all year. That would greatly increase the likelihood of XRP testing 0.15. That would also be a clear deviation from the chart pattern of 2017, which would obviously negate the moon shot. On the other hand, if XRP can get back above the orange trendline, in a way that is similar to 2017, the sky is the limit. XRP is on thin ice right now, but these similarities to 2017 are something that we can't ignore.
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-
In front of you there are two charts. The chart on the left is a look at XRP during 2016 and early 2017. On the right, we have the current XRP chart. What I found, is that the patterns on both charts are amazingly similar. Looking at the orange trendline, you can see that the way price interacts with it, on both charts, is almost exactly the same. At the beginning, the initial test of the orange trendline produced roughly two touches, then a powerful rally occurred. After that, price fell back to the orange trendline, creating a sort of head and shoulders formation. That happened perfectly on both charts. After that, price spent some time grinding higher, right on top of the orange trendline. Again, that happened exactly the same on both charts. From there, price popped above the 200 MA (in purple) forming a three peaked mini head and shoulders. That too was nearly identical on both charts. After that, you can see that price fell back to the orange trendline, but then dropped below it. After that, price tested it for resistance, failed, and dropped lower. That is an identical chart pattern for sure. From there, you can clearly see what happened to XRP in 2017. According to this chart, we may be just at the point of launch.
Some more supporting evidence of this can be seen on the MACD. There is a clear rising support level for momentum, with exactly four touches. This clearly occurred on both charts. This shows us that the sell side pressure has been falling over time. It also suggest that XRP might be right at the point of launch. You can see that after the fourth test of the MACD support in 2017, XRP began it's historic 77,630% rise.
Again, if we look at the accumulation and distribution graph (on the bottom) you can see that it began rising between 2 and 3 on the MACD. So, this is showing us that investors are accumulating XRP right now, in a way that is very similar to what was seen in late 2016 and early 2017.
All of those things suggest that XRP could be on the brink of an absolute explosion higher. However, if price deviates to the downside, it would probably be catastrophic for price, simply because it would show us all that price isn't mooning like it did in 2017. If price begins to do the opposite, I think a lot of investors will head for the exits. From a technical perspective, if XRP continues to head lower here, breaking down below the 0.195 level it would be confirmation that price has failed to hold the lateral series of lows that it has made all year. That would greatly increase the likelihood of XRP testing 0.15. That would also be a clear deviation from the chart pattern of 2017, which would obviously negate the moon shot. On the other hand, if XRP can get back above the orange trendline, in a way that is similar to 2017, the sky is the limit. XRP is on thin ice right now, but these similarities to 2017 are something that we can't ignore.
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-