Hi friends! Welcome to this update analysis on Ripple. As many of you know, I have publicized two notorious analyses, titled "Will Ripple Crash To ZERO?". Those analyses, and the arguments upon which they were created, are derived from the massive head and shoulders formation that XRP produced, as it was reaching it's all-time high. The size, and implications of the structure, suggest that price could fall to zero, if the head and shoulders pattern were to correct to it's full potential.
Looking at the chart, we can see that XRP has created a new symmetrical triangle formation. Previously, there was a smaller triangle (seen with the dashed black trendline) that broke to the upside, only to form this new, larger triangle. This price action is identical to what we are seeing in many of the other cryptos, and it suggests that a downside continuation is highly probable. For those who are unaware, symmetrical triangles are typically continuation patterns. Since we are in a bear market correction, the continuation would have to be to the downside.
Before we go any further, and delve into the beautiful fractal nature of this chart, I want to emphasize the fact that I am a strong believer in fractal market theory. In mathematics, fractals can be described as fragmented geometric shapes, that can be broken into smaller parts, which fully or NEARLY replicate the whole. Yesterday, someone commented on one of my posts that "The problem is 'professional traders', as you call yourself, think [the] market has a pattern all the time, and is a beautiful drawing."
He's absolutely right.
Looking at the chart, you can see that when XRP ran up to the all-time high, it formed a head and shoulders pattern. After measuring the height of the head and shoulders pattern, and subtracting that amount from the neckline, we can see that it gives us a price target around $0. Many people did NOT like to hear that, in my "Will Ripple Crash To Zero?" posts. However, more recently, XRP has formed this series of symmetrical triangles. When I measure the newest symmetrical triangle, and subtract that measurement from the proposed breakdown level, we can see that the price projection is not too far, percentage wise, from that of the head and shoulders pattern. THAT, is the fractal nature of the markets at work. It is fragmented geometric shapes, that fully or nearly replicate the whole. With that in mind, I think it is inevitable that we reach the symmetrical triangle target. I realize that the implications of the head and shoulders pattern are drastic. Personally, I have no idea if XRP will go to zero. I'm just showing you what's on the chart.
Regardless, I am still a TRADER! I analyze the market, in a very efficient and accurate way. However, if the market moves against my analyses, I am generally quick to reconsider my positions. I am nimble, and not at all emotionally attached to my views on the market. Therefore, if I were to see an upside breakout, above the heavy overhead resistance, I would definitely consider new bullish positions. However, given the overall picture of this chart, and how close the fractal symmetry of it is, I highly doubt we will see an upside breakout, before we reach the downside target.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
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Fact: Symmetrical triangles often return to the apex. After a breakout (up or down,) the apex can turn into a future support or resistance point. Price can sometimes return to the apex before resuming in the direction of the initial breakout.
I don't get how it's plausible that anyone is listening to analysis of guy who is calling himself "cannon with shit". OMG really. This show old and known fact that most of market players are simply dump. But to the point, this chart is trash. This gut was simply completely wrong with his last chart (here: tradingview.com/chart/XRPUSD/aTYNb0ca-Will-Ripple-Crash-To-ZERO-Part-2-XRP-D/). And what he did now? No, he has not adjusted his predictions to the fact that Ripple has broken descending trend line yesterday but he imagined this "triangle" (which is not existing) just to stay with his "theory". Come on guys, I know that everyone can troll on the Internet but are you really so dump to listen troll?
UnknownUnicorn1741651
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@KapitanRatarak, I've spent 5 years looking at charts, at one of the major brokerages, trading, mentoring VIPs, producing signals every hour, doing evil stuff.... bad bad job. Now I trade for fun. I've closed all my XRP @3.17, I entered again @0.92 and closed all @1.67. I can tell you the trendline you are reffering to is worthless. I can also tell you that I read through many professional TA products over the years. Few analysts (big banks...) are able to be traders and fewer are as experienced and clear minded as this guy. I can tell you that this guy is only 1 out of 2, who actually understand how TA price action is properly used, out of all the guys that post on cryptos here at TV. And he could only get this having at least 5-10 years pro experience day and night. You'd be smart to follow and learn. ...... as for @MagicPoopCannon - at first I didn't even want to open your stuff. Somebody with such a stupid username must be a nutcacke I thought :) But it shows you can be outside of the box. And that is good, because you are.
MagicPoopCannon
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@beringx, sorry bro, that was meant for kapitanratarak
MagicPoopCannon
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@beringx, Thank you for the kind, defensive words, friend! I put a lot of time and effort into my charts, and it is truly justifying, to know that it’s appreciated. As for the name, a little clever marketing never hurt anyone. =D
-Magic-
MS3IV
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@beringx, joined 2 months ago. Doesn't add up w ur post.
@KapitanRatarak, This is a common response, of haters who can’t stack paper like MPC! I’d like for you to tell us all which part I was “completely wrong” about. Was it the fact that there was a 44% slide from my first XRP warning? I think I was pretty right about that. My calls could have made you a fortune! Stop whining and learn from the champ!!!
-Magic-
KapitanRatarak
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@MagicPoopCannon, @beringx Ye right - on the internet everyone has 100 years experience on wallstreet xD
Let me show you something. 3 lines. 3 lines on chart which are completely invalidating your "triangle" made only to prove you arbitrary conception. Let me explain - you might be right. Randomly everyone can be sometimes right. But if you can't prove your conception and if you have to constantly change your chart to prove it because reality constantly invalidate it - better do nothing because it's hilarious.
MagicPoopCannon
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@KapitanRatarak, Wow, the only thing you're showing us is my original triangle, WHICH IS IN DASHES ON MY CHART. Good one.
MS3IV
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@KapitanRatarak, this guy is clearly obsessed w building a "following" here on trading view at any and all costs including copying/pasting (after some editing) others words and then changing stances repeatedly. Strange.