botje11

XRP bearish wedge target reached or stil one more drop

KRAKEN:XRPUSD   XRP / U.S. Dollar
XRP has been the worst alt for the long term believers. This one showed some bad signs the past months, but i did not expect it being this bad while the whole market almost doubled. Some signals that one of the big guys at Ripple has been dumping xrp for quite some time now. So maybe it's even him putting pressure on this one. But to be honest, i did not look into this and don't even know how much volume he has compared to the daily volume .

Anyway, this bearish wedge is something i posted in Dec 2018, pointing out the danger of this pattern. From my previous analysis:

I usually don't do the btc' pairs, but these 2 patterns could be significant though. Since they show a mid/long term picture for XRP' and possibly even for the entire market.

On the left we can see a big inverse H&S while on the right we can see a big bearish wedge . At the moment we are still at the support line of the bearish wedge , so there is not much room left. The USD' pair is also still moving inside the 0.36 and 0.4 range. A break of this range will probably give us the answer to which pattern will play out and possibly even where the entire market is headed to.


Because my view has been bullish since Dec it was very hard to think that XRP would perform this bad. That one of the most famous alts coins in the market would even drop while the rest of the market would double up. Now it's even in a worse shape than the past months, breaking that support line on the left. Now it looks like a bear flag is in the making, below that trend line . So at first sight it looks very bad. But when zooming in, we can see a small double bottom in the making. It is at this very moment at it's support line (blue). If that breaks we could be headed to the low of that bear flag .

A zoom in makes it a bit more clear where the short term levels are:



Now on the right, that big bearish wedge . Problem with this one is, what is the start of the wedge (the start is usually the target as well)? Did we already break it, are we at it right now or will it continue to dump even more to the lowest one.

On the left i have shown a possible bear trap scenario, which is a pure assumption right now, based on nothing, but something that can happen. So i think, that if the market dumps again and xrp breaks this bear flag , it's only hope might be a move like this. Otherwise, there is no way of telling where this might end.


Previous analysis:

Comment: Zooming in sometimes makes this easier. That wedge played out perfectly eventually, even though things looked very bad before the rally, with the whole alt market that was completely dead.

Anyway, against resistance now, so if the xrp bulls can make a flag against the resistance, it will be very likely to see another jump up. As you can see, it also looks like a inverse H&S, so if that resistance breaks, the false break out on the daily will be confirmed. Want to say it can be the start of something, but XRP has been complete crap the past half year.

Comment:
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any update XRP bro?
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XRP is the one coin which I would never, ever write off. My first ever crypto transaction was XRP, went long on 25.03.207. Within a week I quadrupled my money. From April 2017 until early December 2017 it was trading within a narrow range, not doing much at all and underperforming BTC and all the rest of them. It entered December 2017 at around $0.20, the same price it had back in april/may 2017!! Then, all it took was a few weeks and it went to the moon. By the time the dust settled it was the best performing crypto of 2017 with a 35000% return in less than 1 year. History doesn't repeat itself, but it rhymes. If you don't have it in your portfolio, you will be sorry.
+11 Reply
Posted on April 17.th :



Regards mate. (long on XRP of course)
+2 Reply
Check 120 WMA in XRP/BTC charts (I recommend Bittrex chart. because it has a long time chart)
120 WMA played a major role in all three spikes in the past.
The common pattern they find is that they rise after three weeks of decline.
Now is the time.
+1 Reply
Thank you so much this is a great analysis botje and i really like it i think it could end very badbfor xrp
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botje11 no_name2
@no_name2, Your welcome, yes it could, will prob depend on what bitcoin will do the coming weeks.
+1 Reply
Smaller timeframe: Don't forget to look at Binance & Bitfinex too, those are the major exchanges re. volume, not Kraken. On the hourly we can see more of a bottom support currently on both, which could definitely see some follow-through once broken:

Bigger timeframe/Weekly: More than 10 dojis/spinning top candles at the 30 psychological speaks volumes: We're completely lying down. If we do not get manage to break higher from this region, we have 2 important support levels left to the downside: 28 and last years summer lows at 25: after this the way is wide open to the previous S&R box before the crypto craze between 15-20
+3 Reply
@Edgy_,Agreed. If this isn't the bottom for XRP then we are very close to finding a bottom somewhere around 7 to 20 cent zone, and then a new market cycle can start for XRP. Exciting stuff.
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Edgy_ lemonsandshade
@lemonsandshade, Yep. XRP is the only candidate from the major Alts that didn't break it's summer lows when grandpa BTC dumped in November, and only thx to the tripling that we saw in September from 25 to 80 -we had much more room to correct to. But since then, whatever the reason is, it might be the market losing hope due to fundamentals /the company not making enough progress, or as Botje states, it might be individuals from the company selling into the market -we are literally glued to the bottom. => A definitive decision for the rest of the year will come here very soon.
+2 Reply
@Edgy_, I am using Kraken because of the USD price. Tether is a variable we can not control and influences the price. I can't say for sure which one is the best to follow TA wise, but i choose USD price
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