I have noticed that among those tons of tons of XRP charts on TradingView there is a lack of charts showing long term, width view analysis. There are also a few charts that are trying to look on longer term or to search some fractals but in my opinion most of them are simply wrong. That's why I'm sharing my chart with you. What I'm doing here is searching long term trend, long term fractals and trying to extrapolate them into the future. Straight to the line - lets analyse this chart.
First of all you probably noticed that chart is in logarithmic scale - that's because in my opinion its best scale to analyse long term movements with big amplitude and dynamic such as we can see on crypto market. Now pleas look on channel and sub-channels market with lines from Ca1 to Ca7. Please notice how strong influence on price actions they have even during this long period of consolidation in the middle. Why this is so important? Because it seems that those channel lines are still valid and still have strong influence on price.
Going next you can see that I have marked four biggest price jumps with rectangles marked from R1 do R4. Oh well... true is that for now there are only three jumps but with this we are coming to best thing on this chart - price prediction based on which, till now, is completing in 100%.
First wave marked with R1 started from Ca7 channel line than hit Ca3 channel line with price gain of 1234% than retraced to Ca5 channel line with retracement 64% which is close to 61% fibonacci. Than it consolidate between fib 50% and fib 61%. Now look on R3. Do it look familiar? As in R1 we have started from Ca7 hit Ca3 gaining 1557% and retraced to Ca5. For now we are inside consolidation between 50% adn 61% fibonacci.
Ok, so what's next? Of course it is speculation based on history and that's why it can't be sure but i think we are waiting for second wave of two in . We'll probably see next jump which will hit Ca1 channel line in the end. I will not analyse it step by step but pleas just look on channels, ellot waves (market in both cases by 1, 2, 3, 4, 5) and trend angles marked as T1-T4 and sustainability of each of the move.
If this prediction is right we might hit about $6.5 on end of the month than quick retrace to about $4 and at last jump to about $14 to the and of February which will complete second wave jump of 1530%. Do it sound fantastic? Maybe - but this fantasy just happened before.
* This is not financial advice.
Market cap is mainly psychological barrier but if BTC reach new levels (and after correction it will) XRP can easily follow.
I will be updating this analysis if something worth noticing will happen.
So - what next? I'm optimistic but still can see a lot of uncertainty on market. Apart from that we still can see XRP reaching Ca4 channel line in few days but it depends slightly of how BTC will go. Correlation between those cryptos are weak but during uncertainty on market might be noticeable.
Generally speaking my mine prediction is still valid but might take a little bit longer to reach our targets.