Hi all,
XRP has been consolidating for nearly 2 years. Lackluster performance overall can be attributed to the ongoing Ripple v. SEC lawsuit.
As seen on the above chart, a major breakout is expected any day. This pattern can be looked at as a symmetrical triangle. Symmetrical triangles don't carry a usual direction and often break out either way.
The major level to watch is 0.396 (shown with a dashed green line). Once we see price acceptance above this level on a higher time frame, price should move north fast.
The judges decision in the suit will likely cause a major volatile move. Logically, if it is ruled in Ripples favor, XRP should fly to the green zones, otherwise look towards low 0.20s with an unfavorable ruling.
The structure formed since June 2022 is odd to say the least. Its been seen two other times in history. 1st time was in early 2017 before XRP surged to 0.45 from 0.005. Second time was Dec 2018 - Apr 2019, which ultimately happened before its year long journey to 0.10.
Overall, using multiple pieces of analysis, it looks more similar to the early 2017 structure.
Otherwise, its more of a guess to what occurs in the lawsuit ruling, which should highly impact price.
Keep a close eye the next few weeks.
See below for more analysis.
Please like and comment!
XRP has been consolidating for nearly 2 years. Lackluster performance overall can be attributed to the ongoing Ripple v. SEC lawsuit.
As seen on the above chart, a major breakout is expected any day. This pattern can be looked at as a symmetrical triangle. Symmetrical triangles don't carry a usual direction and often break out either way.
The major level to watch is 0.396 (shown with a dashed green line). Once we see price acceptance above this level on a higher time frame, price should move north fast.
The judges decision in the suit will likely cause a major volatile move. Logically, if it is ruled in Ripples favor, XRP should fly to the green zones, otherwise look towards low 0.20s with an unfavorable ruling.
The structure formed since June 2022 is odd to say the least. Its been seen two other times in history. 1st time was in early 2017 before XRP surged to 0.45 from 0.005. Second time was Dec 2018 - Apr 2019, which ultimately happened before its year long journey to 0.10.
Overall, using multiple pieces of analysis, it looks more similar to the early 2017 structure.
Otherwise, its more of a guess to what occurs in the lawsuit ruling, which should highly impact price.
Keep a close eye the next few weeks.
See below for more analysis.
Please like and comment!
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The 3W log MACD looks favorable to the upside -
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The 3W stochastic has been rising as price has been consolidating. This is often a bullish indication if too much time does not pass -
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The 1W RSI has formed a similar triangle as price has which confirms the view a major breakout is occurring very soon -
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5 major SMAs have been tightening, by far the tightest in over 2 years. The 300W SMA is hovering around 0.40, which confirms HTF acceptance above 0.396 will likely allow price to move north fast -
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Accumulation has continued. Wallets holding over 100k XRP have more than doubled since the lawsuit was filed.
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Breakout has occurred!
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33% max profit so far! HTF is still very bullish.
1W - Basic strength indications are no where near overextended.
1W - Basic strength indications are no where near overextended.
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