MagicPoopCannon
Long

The XRP Bear Market May Have Just Ended! Don't Miss!

POLONIEX:XRPUSD   XRP / U.S. Dollar
People love to bash the XRP chart. XRP haters love to say it's "the worst performing crypto asset" — which, in 2017 it was actually the best performing crypto asset, so that's false. Among other usually false things, they point to the fact that XRP remains in a bear market, while BTC and many others have enjoyed powerful gains. Well, I'm here to show you that, until a major technical change happens, they're absolutely wrong about XRP's technical picture. In my opinion, XRP currently has one of the most bullish technical charts that I've ever seen. As I've shown in previous analyses, XRP is clearly in a massive, gargantuan, absolutely titanic uptrend channel (in blue,) and good 'ol Poopy is about to break it down for you. =D

When I look at channels in markets, I assess the touches on the upper and lower trendlines of the channel, like most analysts do. However, I pay special attention to the action around where the midline of the channel is. That helps me validate channels, especially if they are somewhat difficult to discern, such as the channel on this XRP chart. When we apply that logic, and look at the midline of this channel (pink dashes,) it becomes abundantly clear that XRP has had a plethora of interactions with it (pink circles.) The fact that XRP has had so many interactions with the midline of this channel, proves that it is undoubtedly in an uptrend channel . Moreover, this channel has been in the making during the entire existence of XRP. The reactions to the top and bottom of the channel are also very clear, further adding to the validity of the formation.

So, without a doubt, XRP is in one of the largest uptrend channels known to man. Now, whether or not this channel will continue to hold, is anyone's guess. However, given the incredibly strong fundamentals of XRP, I think the token is most likely at a major discount right now, and I believe that the most likely outcome is that XRP will hold the bottom of this channel and begin to move higher. Admittedly, that is an assumption, and as technical analysts, we have to watch for price to continue to show us that it's holding the bottom of the channel. Because, just as XRP could hold here and blast off, it could also break the channel and collapse.

Looking at the current price action, we can see that XRP is currently holding around the exact bottom of the channel. Additionally, we can see that XRP is holding around a major lateral support zone (in green.) Looking back to 2017, we can see that there was a very similar lateral support zone , which also interacted with what is now the bottom of the channel. Price clearly entered a parabolic explosion shortly after that convergence of support. With that said, we all know that history doesn't always repeat itself — but it does often rhyme. Until I see a confirmed breakdown of this uptrend channel , I believe that the most likely technical direction from here is to the upside. In fact, I will even venture to say that if XRP holds this channel, the XRP bear market has just ended. =D

#PoopLovesYou

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-
Sep 10 and counting....
Reply
i think the real dump will begin at that pink rail if you ask me...
Reply
I don't care what it might do. Honestly, making all this money is awesome but I'm in it for the revolution. Xrp can go to 10$ or whatever, I'm not buying it. I'm demolishing this market to a degree that is insane.. making loads of money.. and still have never touched xrp. So.
Reply
We are still in bear move right? With the new release of 500k(1m) coins will we ever see bull again?
Reply
Soon the moment truth.
Reply
You need to understand valuations. You keep talking about the trillions of dollars which are moved everyday. The banking money transfer market is a 125T market. But guess what. This doesn't equate to the market being worth this much. If you add up all the major tier 1 banks globally that are publicly traded you get a market cap valuation which is less than Gold. So the money is in the store of value business not the money transfer business. A $200 XRP price is great for you to gain views + followers, but it's misleading and irresponsible for you to provide such FOMO given your global reach.
+1 Reply
Ripple Transfers More Than $132 Mln Worth of XRP to Unknown Wallet - honestly why do people buy XRP when a single whale can trounce the market?

https://news.u.today/news/ripple-transfers-more-than-132-mln-worth-of-xrp-to-unknown-wallet
+2 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out