Hello dear Ripple fans, traders & HODLers! :)
In this educational Macro Analysis, I'm gonna show you how to analyse the XRP Weekly chart correctly just by yourself, without having to rely on anybody else.
From a fundamental standpoint, it is currently not clear, how XRP tokens in the Xrapid framework would really get used in the end, as there are dozens & dozens of partnerships going on in this space. But this all doesn't matter to understand the market.
When we look at a chart, first of all we always wanna know what's going on right now: Are we in a core bullish or bearish trend?
Fibonacci shows us clearly in this case that we broke the core bullish trend when we retraced underneath 1,4 USD and since then we're still in a core bearish trend. We would have to break 2,2 USD to the upside in order to reverse the trend. No need to mention that we're far away from that currently, but what else can we see?
We had a very nice Equilibrium range between 15-30 before the FOMO break out in 2017. This box is currenty the most important S&R-Zone for Ripple.
Because if we look closer, since the tops, we're basically in huge descending mode: We have Lower Highs in huge distances, but since August last year, almost always our S/R-Zone, which has now slightly moved up to the ranges of 25-30 USD: We're currently building a slightly tilted Descending Triangle.
In order to break bullish & reverse the weekly trend, we would have to break above the Weekly Lower Highs at 0,4666 and 0,6 respectively, without counting that huge wick that occured in the September break-out.
We could also bet on Bottom-fishing here, based on the important S/R zone, putting our stop loss underneath 25 psychological for the case it breaks bearish.
Speaking of which: Should we really break bearish from 30 psychological (which is the more likely scenario in a Descending Triangle), we would first of all have the potential to reach 25, which is more than 10% profits already. But obviously, we could go further, reaching the bottom of the previous S/R zone at 20-15 psychological, which would amount to 30-45% amazing profits.
Being able to analyse the chart like this by yourself is crucial, in order to make informed decisions, not just as a trader, but also as a HODLer.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
In this educational Macro Analysis, I'm gonna show you how to analyse the XRP Weekly chart correctly just by yourself, without having to rely on anybody else.
From a fundamental standpoint, it is currently not clear, how XRP tokens in the Xrapid framework would really get used in the end, as there are dozens & dozens of partnerships going on in this space. But this all doesn't matter to understand the market.
When we look at a chart, first of all we always wanna know what's going on right now: Are we in a core bullish or bearish trend?
Fibonacci shows us clearly in this case that we broke the core bullish trend when we retraced underneath 1,4 USD and since then we're still in a core bearish trend. We would have to break 2,2 USD to the upside in order to reverse the trend. No need to mention that we're far away from that currently, but what else can we see?
We had a very nice Equilibrium range between 15-30 before the FOMO break out in 2017. This box is currenty the most important S&R-Zone for Ripple.
Because if we look closer, since the tops, we're basically in huge descending mode: We have Lower Highs in huge distances, but since August last year, almost always our S/R-Zone, which has now slightly moved up to the ranges of 25-30 USD: We're currently building a slightly tilted Descending Triangle.
In order to break bullish & reverse the weekly trend, we would have to break above the Weekly Lower Highs at 0,4666 and 0,6 respectively, without counting that huge wick that occured in the September break-out.
We could also bet on Bottom-fishing here, based on the important S/R zone, putting our stop loss underneath 25 psychological for the case it breaks bearish.
Speaking of which: Should we really break bearish from 30 psychological (which is the more likely scenario in a Descending Triangle), we would first of all have the potential to reach 25, which is more than 10% profits already. But obviously, we could go further, reaching the bottom of the previous S/R zone at 20-15 psychological, which would amount to 30-45% amazing profits.
Being able to analyse the chart like this by yourself is crucial, in order to make informed decisions, not just as a trader, but also as a HODLer.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
