Hi friends! Welcome to this exciting update analysis on Ripple! Let's get right to it! Looking at the daily XRP chart, we can see that a lot of constructive changes have been taking place. First off, XRP has formed a "Big Bottoming Formation" on the blue region of the chart. Looking at the volume profile on the right, we can see that XRP has based out on the highest volume region. So, that is a good confirmation that XRP has bottomed around the 0.30 area.
If we look at the price action before ripple mooned to it's ATH, we can see that a similar "Big Bottoming Formation" was printed there too. I'm not using that as a comparison to say that XRP is about to skyrocket, I'm just showing that there was a similar bottoming pattern in 2017.
looking back at the 2018-2019 action, we can see that XRP printed a large descending triangle. The bottom of the triangle is clearly defined by the blue region, and the top is shown in pink. That is a massive triangle, and we just now crept above the top trendline. Actually, the real breakout occurred in mid May. And it happened on very high volume. However, XRP turned back down, but has managed to grind sideways until it surpassed the top of the triangle.
With that being said, XRP is simultaneously testing lateral overhead resistance, which originates from the 4/1/2018 low. That is primarily why I believe that the breakout hasn't been extremely powerful yet. XRP was able to power it's way out of the triangle, but is running into immediate resistance. So, if XRP can get above the 46ish region, I think we could really start to accelerate to the upside.
I'm sure you have all seen the "target area" on my chart. That is based on the breakout of the triangle. To find a simple price target, we can take a measurement of the height of the triangle (dashed vertical pink trendline) and add it to the breakout point. So, based on the size of the triangle, I do think that XRP could reach 1.00 in the near future.
Another thing I would like to draw your attention to, is the fact that we have a golden cross on the chart, which is a longer-term bullish indicator. Also, XRP is above the EMA ribbon, but we could see another test of the ribbon/top of the triangle before finally breaking out above the 0.45-0.46 resistance area.
One last thing to note, is the fact that there is a bullish divergence on the MACD. Overall, momentum has printed higher highs (between November and May) while price has printed lower highs. So there is a bullish divergence on the momentum, suggesting that we could see a surge in price that would reflect the increasing momentum.
Those are the key reasons why I'm bullish on XRP for the coming months. On a side note, I believe it's possible that XRP could eventually reach the $60 range or higher, as crypto adoption increases. One thing is for sure, the next few years are going to be very exciting.
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-
If we look at the price action before ripple mooned to it's ATH, we can see that a similar "Big Bottoming Formation" was printed there too. I'm not using that as a comparison to say that XRP is about to skyrocket, I'm just showing that there was a similar bottoming pattern in 2017.
looking back at the 2018-2019 action, we can see that XRP printed a large descending triangle. The bottom of the triangle is clearly defined by the blue region, and the top is shown in pink. That is a massive triangle, and we just now crept above the top trendline. Actually, the real breakout occurred in mid May. And it happened on very high volume. However, XRP turned back down, but has managed to grind sideways until it surpassed the top of the triangle.
With that being said, XRP is simultaneously testing lateral overhead resistance, which originates from the 4/1/2018 low. That is primarily why I believe that the breakout hasn't been extremely powerful yet. XRP was able to power it's way out of the triangle, but is running into immediate resistance. So, if XRP can get above the 46ish region, I think we could really start to accelerate to the upside.
I'm sure you have all seen the "target area" on my chart. That is based on the breakout of the triangle. To find a simple price target, we can take a measurement of the height of the triangle (dashed vertical pink trendline) and add it to the breakout point. So, based on the size of the triangle, I do think that XRP could reach 1.00 in the near future.
Another thing I would like to draw your attention to, is the fact that we have a golden cross on the chart, which is a longer-term bullish indicator. Also, XRP is above the EMA ribbon, but we could see another test of the ribbon/top of the triangle before finally breaking out above the 0.45-0.46 resistance area.
One last thing to note, is the fact that there is a bullish divergence on the MACD. Overall, momentum has printed higher highs (between November and May) while price has printed lower highs. So there is a bullish divergence on the momentum, suggesting that we could see a surge in price that would reflect the increasing momentum.
Those are the key reasons why I'm bullish on XRP for the coming months. On a side note, I believe it's possible that XRP could eventually reach the $60 range or higher, as crypto adoption increases. One thing is for sure, the next few years are going to be very exciting.
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-
评论:
I meant XRP in the title. ;)