XRP - realistic channel in log chart
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Some of you may have seen XRP log charts with a straight diagonal long-term channel. I painted one in grey.
It is nonsense to draw long straight diagonal lines on a log chart. As we see the absolute price increases exponentially, so the "line" needs to be a log-function resulting in a flattening curve the higher the absolute price jumps become. Sadly, Tradingview does not provide this functionality, so I have to guess (like eveyone else here).
Thus, I think this curvy idea of the channel is way more realistic.
I say the price will just fart out sideways of the straight grey channel everyone draws and yell "this is bottom, bounce soon!".
With this more realistic curvy channel XRPs price could theoretically go sideways for another two years. I will never come up with a stupid price prediction of 589$ per XRP at the peak of the next bullrun. Still, the upward potential is high and double or even trible digits are theoretically possible in this curvy channel.
Beware, @london55555 popular and bold statement of $0.08 is theoretically in play too, as it would be the bottom of my channel EOY 2019. In the worst case the price grinds along the bottom of the channel and we will never see ATH again, but I don't expect this.
Also beware, the channel has not been confirmed by the actual price action yet. We still need a second touch of the bottom line to be able to evaluate the true form of the channel. Right now I can wiggle it up and down and don't know if it is too optimistic or pesimistic.
I think price action around the dotted line in the middle of the channel would be a nice and realistic price action if XRP fundamentals stay positive (adoption) and the crypto market in general stays long term bullish.
It is nonsense to draw long straight diagonal lines on a log chart. As we see the absolute price increases exponentially, so the "line" needs to be a log-function resulting in a flattening curve the higher the absolute price jumps become. Sadly, Tradingview does not provide this functionality, so I have to guess (like eveyone else here).
Thus, I think this curvy idea of the channel is way more realistic.
I say the price will just fart out sideways of the straight grey channel everyone draws and yell "this is bottom, bounce soon!".
With this more realistic curvy channel XRPs price could theoretically go sideways for another two years. I will never come up with a stupid price prediction of 589$ per XRP at the peak of the next bullrun. Still, the upward potential is high and double or even trible digits are theoretically possible in this curvy channel.
Beware, @london55555 popular and bold statement of $0.08 is theoretically in play too, as it would be the bottom of my channel EOY 2019. In the worst case the price grinds along the bottom of the channel and we will never see ATH again, but I don't expect this.
Also beware, the channel has not been confirmed by the actual price action yet. We still need a second touch of the bottom line to be able to evaluate the true form of the channel. Right now I can wiggle it up and down and don't know if it is too optimistic or pesimistic.
I think price action around the dotted line in the middle of the channel would be a nice and realistic price action if XRP fundamentals stay positive (adoption) and the crypto market in general stays long term bullish.
Nota
The chart becomes more clear if you zoom out, so please smash this minus-button a few times!Nota
And please smash that Like-button too ;)Nota
As I said: the price farted out somewhat sideways of the straight grey channel. Stupid moonboys lost some followers.Now we wait and see where XRP will bottom and bounce within 2020, or even 2021, to mark the channels clearer long term curve. Could be anywhere between now and $0.10
Nota
Looking good so far. We hit $0.10 at quite the bottom of the channel. I may have drawn it quite accurate.Coronavirus is a black swan event, of course. Noone can say he predicted that crazy capitulation on most markets with TA, or an algorithm.
The question is if we can go even lower... I have no idea under this circumstances we are right now. There's still panic.
Nota
Sideways action right above the bottom of the channel since my last comment.End of June 2020 could be the first higher low since the XRP bear move, but that's just a guess.
Nota
Nice...but the Top already around $60? I don't think that will happen.The curve should probably get more narrow as volume increases, price macro-rises and the market in genereal grows more stable.
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