After a heavy bull run, we saw a deeper correction on XRPUSD the past days. Looking at the bigger picture the whole upmove in total appears to me as the first impulsive wave, which has been followed by a deeper ABC correction to the trough of wave 4 (visible in the 2H and 4H TF). Another supportive factor is that the trough of wave 4, which is also a demand zone on the daily TF has proven to be a solid support - price has been rejected aggressively at this area ($1.95-$1.90 level). So having said this, I would be indeed VERY surprised to see price breaking structure and forming a lower low.
I am expecting to see price continuing ranging a bit, which should leave us then with our first higher low. followed by the bigger third impulsive wave. I am a longterm holder on XRP but have marked the projected targets for the next impulse. Chances are high that XRP will break the magical $10 before the end of Q1 2018.
Feedback and constructive criticism is appreciated!
Best Bud
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Here is the 1H view
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Regarding the data on coinmarketcap.... They have excluded Korean prices from coinmarketcaps Ripple data. This made price appearing to drop, likely triggering some panic selling and dumb money leaving the market
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15min view. Might result in either an ABC or ABCDE correction and finally leaving us with the first higher low after the aggressive rejection at the daily demand zone. Even if price should break this channel to the downside - I am not expecting price to violate the recent low ($1.92)
What are your thoughts when people say it can reach 25-50 or even thoughs whom say it could very well end up 100usd topping at 200usd!!??
I understand market cap and how people say it doesn't really have much to do with crypto currency, but 100??!!
I mean it's possible.. i dont want to be the guy who sells around 7-10bucks then it reaches $100+ just imagine
BudBronson
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@JacobKubaRybicki, I absolutely agree with them. As mentioned, the targets are just a guideline for those who buy and sell. I am not intending to sell my xrp holdings for a couple of years. Back to your question: People who always take market cap as an argument that xrp can't move that high, simply don't take into consideration that:
a) the overall crypto market cap is increasing at an insane speed (a few hundred percent in the last 2-3 months only)
b) it took alts several years to take a decent slice away from bitcoin. In 2017, there have been times where the bitcoin dominance was +85%. Now, it's diminishing almost every single day and we're already at 34%. People are realizing the potential of alts, who have already proven to deliver on their promises. Those who said, xrp will never reach $1 are probably the same who are spreading fud, as they've missed it out.
c) from a bigger perspective - the whole crypto market is still a very fresh market with lots of real-use potential.
d) Ripple is a smart long-term play. It is deflationary. Once the whole supply has been released, we'll see from that moment onwards a deflationary effect, as there is a specific amount of XRP burnt with every transaction. So, what do assets do if they become limited (can not be mined) and the supply will be from there on diminishing? Its value increases.
e) people still think that Bitcoin will be the number 1 crypto for the eternity. Once Ripple hits the $6-8 mark, its market cap will be bigger than that of Bitcoin. The effect? Insane media coverage and publicity for Ripple, making dumb money from newbies to flood in more and more. At this time we should definitely be over $10-15
f) If Ripple Labs manages to take away only a 10% market share of SWIFT/SEPA - a single XRP coin would be priced around $150.
@BudBronson, WOW thank you so much for that well thought and knowledgeable answer! I hope more people can see this :) Personally I graduated college in the winter of 2016/17 bought btc with all I had 37k in May and traded it all for xrp when btc was dipping and xrp was mooning @.73 cents in december .. if it goes to the lowest of your prediction say $150.. im going to have $20,000,000USD, thats where my speculation is coming from seems "too good to be true" but (lile your point C)). I also invested a lot more than most and a lot earlier than most which started their crypto journey a month or two ago which is why i am where i am, hope to see these thoughts come to fruition for us all to enjoy these "lambos" everyones talking about haha
P.s. I completely agree with all those points! I myself have been spreading the idea of point C) around other threads like reddit.
@JacobKubaRybicki, you're welcome mate. That has been probably the best decision of your life. If we apply the growth of the overall market cap of 2017 on XRP in 2018, we should be at around $50-60 at the end of this year. So congratulations! All you have to do, is literally just sit back and hold. What a great we're living in!
I understand market cap and how people say it doesn't really have much to do with crypto currency, but 100??!!
I mean it's possible.. i dont want to be the guy who sells around 7-10bucks then it reaches $100+ just imagine