In my previous analysis i started with the following question:
XRP has been pretty weak past days, each attempt to break up failing and getting pushed back down again. Giving the impression it just can't rally anymore, but is this real or intentional? I gave the same question in my Bitcoin analysis a few days ago when it was in the 17K prices
This happens often and is a pattern, but it's not easy to judge it though, because it needs a very objective mind. Even more important, you need to have a lot of faith in what the real trend is. Was pretty nasty because it got pushed lower and lower and lower, with that final moment where i showed that bullish wedge, it even got pushed below that one but no dump. Then when it got back in the wedge, a big short squeeze.
So before the squeeze it was underperforming big time, then after the squeeze all of a sudden it was stronger than the rest. So the question now is, to what end? Think whales abused the narrative that XRP was simply dropping since the airdrop, because many only bought it for the airdrop and were now simply selling. Were they only abusing that narrative for this short squeeze and that's it? Or is there a bigger goal?
The fractal i showed past week or 2 (the one below), eventually did play out. When ignoring that drop below 0.47ish, it's pretty similar. This chart suggest we are now in that yellow zone. When looking at the chart above, a close of the candle above 0.6/0.62 could trigger that.
Below you can see triangles get formed a lot and many with different outcomes, as i always say, in crypto triangles, so always dangerous and tricky. The target of this triangle (if it would break up) is around 0.66/0.72. That would also be the same as the chart above (fractal), where it also reached it's high in the orange part and then eventually started to drop the period after. But need to take things step by step as they play out.
Bulls need to see the 0.54ish hold from now on
Don't forget to like if you appreciate this :)
Previous analysis:
XRP has been pretty weak past days, each attempt to break up failing and getting pushed back down again. Giving the impression it just can't rally anymore, but is this real or intentional? I gave the same question in my Bitcoin analysis a few days ago when it was in the 17K prices
This happens often and is a pattern, but it's not easy to judge it though, because it needs a very objective mind. Even more important, you need to have a lot of faith in what the real trend is. Was pretty nasty because it got pushed lower and lower and lower, with that final moment where i showed that bullish wedge, it even got pushed below that one but no dump. Then when it got back in the wedge, a big short squeeze.
So before the squeeze it was underperforming big time, then after the squeeze all of a sudden it was stronger than the rest. So the question now is, to what end? Think whales abused the narrative that XRP was simply dropping since the airdrop, because many only bought it for the airdrop and were now simply selling. Were they only abusing that narrative for this short squeeze and that's it? Or is there a bigger goal?
The fractal i showed past week or 2 (the one below), eventually did play out. When ignoring that drop below 0.47ish, it's pretty similar. This chart suggest we are now in that yellow zone. When looking at the chart above, a close of the candle above 0.6/0.62 could trigger that.
Below you can see triangles get formed a lot and many with different outcomes, as i always say, in crypto triangles, so always dangerous and tricky. The target of this triangle (if it would break up) is around 0.66/0.72. That would also be the same as the chart above (fractal), where it also reached it's high in the orange part and then eventually started to drop the period after. But need to take things step by step as they play out.
Bulls need to see the 0.54ish hold from now on
Don't forget to like if you appreciate this :)
Previous analysis:
Want to support me? My affiliates:
partner.bybit.com/b/botje12
onelink.to/quantfury
Add invite code AFTER signing up, bonus up to $250: 4JU345F3
1 trade, 30 day wait, to claim bonus
www.kucoin.com/r/af/rMQN2A5
partner.bybit.com/b/botje12
onelink.to/quantfury
Add invite code AFTER signing up, bonus up to $250: 4JU345F3
1 trade, 30 day wait, to claim bonus
www.kucoin.com/r/af/rMQN2A5
