Good news have been piling up for a while now about XRP. Does it show on the chart? Only partially. And it makes sense, since there is not much of the projects really running and xRapid only transports small sums. But nevertheless, Ripple is signing contracts with really large banks (SBI, GMT...) and other institutions (MoneyGram, Amex...). So at least anticipation should push the price up. And in contrast to most of the crypto world, something IS happening.
On the chart we see two figures and three possible outcomes. As other analysts have pointed out, there is an upward wedge that was formed in the past months. The most likely outcome of an upward wedge is a price drop. It is a possible outcome for sure, but considering the mass of bullish news, not that likely.
The most likely scenario at this time seems breakout from the downward wedge and the price to start finishing the upward triangle (drawn green) which is defacto bullish. It may take more than one stab at this (two upward arrows), but in the end, when this upward side is broken, we will see a massive explosion upwards. It could happen in January, but my money is on February.
On the chart we see two figures and three possible outcomes. As other analysts have pointed out, there is an upward wedge that was formed in the past months. The most likely outcome of an upward wedge is a price drop. It is a possible outcome for sure, but considering the mass of bullish news, not that likely.
The most likely scenario at this time seems breakout from the downward wedge and the price to start finishing the upward triangle (drawn green) which is defacto bullish. It may take more than one stab at this (two upward arrows), but in the end, when this upward side is broken, we will see a massive explosion upwards. It could happen in January, but my money is on February.
The red line became a support, the blue line is next to be beaten.
In a week or two, we will probably first see a slight drop, following by touching the upper green triangle border @ 17ksats. The ascending triangle will be broken upwards in january or february.