My thought process and what is going on with the charts and all these rectangles?
Using weekly charts and going all the way back to 2013 leading up to the bull run of 2017, a rectangular channel is formed in which the price goes down 95.76% (+-1%) from the all-time high ($0.06) to the bottom ($0.0028). The first rectangle ends when the previous all-time high of $0.067 is reached, rejected and after 4 weeks a breakout to the upside happens.
We want to be out of these rectangular channels so we can experience the crazy upward moves that we hear about often in crypto. After the first rectangle ends which lasts about 1365 days (+- 7 days), we see 245 days of more than 4800% breakout (NOT ALL AT ONCE). The 4800% in the last cycle happened during 245 days between the two rectangles which in itself had a 50-60% drop and further price consolidation for at least 6 months before another breakout and price discovery and a new ATH.
After the new ATH that happens by the end of 2017 and the beginning of 2018, another rectangular channel is formed which has the same characteristics as the last one. The new rectangle that we are experiencing has also created a channel that goes through a 96.65%
(+-1%) drop from its ATH ($3.38) to the bottom ($0.11) and I expect it to last the same amount of time as the last cycle's rectangle (or close to it). As of June 8th, 2021, we are in the last stretch before a crazy move upwards.
My prediction and price target:
If this prediction is true, first we should see the breakout from the ATH price of +$3.38 and then after a few weeks, we should be going on price discovery. Following the last cycle’s breakout pattern, I expect to see prices ranging between $14-$17 within 5-7 weeks of breaking above the previous ATH which would be September - October 2021. I am aiming to sell about half of my XRP holdings in this price range. After ATH the bottom for XRP should be around $5-7.
I am only going to sell half since I am looking at the bigger picture which could come in the second half of 2022. 2022, we should see another breakout and price discovery that will take XRP to + $50 followed by another cycle of accumulation inside a rectangular channel (BORING!!).
Conclusion: We are almost at the finish line with this cycle’s accumulation (the rectangle), and we could see crazy moves upwards that would make $1 XRP look like a bargain. These are the times to accumulate and get ready for the actual bull run. I am well aware of the SEC lawsuit and all the noise surrounding XRP, but I have been proven before that the right news comes exactly at the right time when the charts are ready.
Disclaimer: These are just my opinion, and I could be 100% wrong. I do own some XRP.
Using weekly charts and going all the way back to 2013 leading up to the bull run of 2017, a rectangular channel is formed in which the price goes down 95.76% (+-1%) from the all-time high ($0.06) to the bottom ($0.0028). The first rectangle ends when the previous all-time high of $0.067 is reached, rejected and after 4 weeks a breakout to the upside happens.
We want to be out of these rectangular channels so we can experience the crazy upward moves that we hear about often in crypto. After the first rectangle ends which lasts about 1365 days (+- 7 days), we see 245 days of more than 4800% breakout (NOT ALL AT ONCE). The 4800% in the last cycle happened during 245 days between the two rectangles which in itself had a 50-60% drop and further price consolidation for at least 6 months before another breakout and price discovery and a new ATH.
After the new ATH that happens by the end of 2017 and the beginning of 2018, another rectangular channel is formed which has the same characteristics as the last one. The new rectangle that we are experiencing has also created a channel that goes through a 96.65%
(+-1%) drop from its ATH ($3.38) to the bottom ($0.11) and I expect it to last the same amount of time as the last cycle's rectangle (or close to it). As of June 8th, 2021, we are in the last stretch before a crazy move upwards.
My prediction and price target:
If this prediction is true, first we should see the breakout from the ATH price of +$3.38 and then after a few weeks, we should be going on price discovery. Following the last cycle’s breakout pattern, I expect to see prices ranging between $14-$17 within 5-7 weeks of breaking above the previous ATH which would be September - October 2021. I am aiming to sell about half of my XRP holdings in this price range. After ATH the bottom for XRP should be around $5-7.
I am only going to sell half since I am looking at the bigger picture which could come in the second half of 2022. 2022, we should see another breakout and price discovery that will take XRP to + $50 followed by another cycle of accumulation inside a rectangular channel (BORING!!).
Conclusion: We are almost at the finish line with this cycle’s accumulation (the rectangle), and we could see crazy moves upwards that would make $1 XRP look like a bargain. These are the times to accumulate and get ready for the actual bull run. I am well aware of the SEC lawsuit and all the noise surrounding XRP, but I have been proven before that the right news comes exactly at the right time when the charts are ready.
Disclaimer: These are just my opinion, and I could be 100% wrong. I do own some XRP.