XRP Finally Gave This Buy Signal After Exactly 1 Year
Updated
Good evening traders!
I know... I know... I know... the chart is ugly. I apologize.
Also... It's XRP.
The ultimate, centralized shitcoin.
The key thing to remember is that we are traders. The fundamentals of a project are irrelevant to our technical analysis.
Wasa... wasa... wassssup!
We always trust our charts and look for patterns to repeat. In this case, it's the pump cycle on XRP revisited.
First things first, we are seeing Bitcoin dominance finally start to show weakness.
We hit a high time frame resistance level at the weekly resistance from 72% Bitcoin Dominance level.
Based on the weekly RSI, we may see a shift down to the 62-63% zone.
As for XRP, I use this 3 day RSI pattern to determine bear control and bull control.
There are a few things we can see from this RSI.
1.) A cross over from above to below 53 = Bull trend over and a downtrend will start.
2.) A cross from below to above 40 = Bear trend over and an uptrend will start.
3.) The initial pumps occurred exactly 365 days apart. (very interesting.)
If you remember my last chart on Bitcoin buying zones, I talked about bear market and bull market control.
Next up is Fibonacci.
For XRP, it is insane how precise it holds to the fibonacci levels. I want to show you this chart that using the cycle from 2015 as the swing high/swing low for the fibonacci levels.
As you can see, the cycle high top hit the 261.8% fib level perfectly and we can also see that we recently bounced on the 23.6% support similar to in the past.
This would give us high side targets of 38.2, 68.1 as well as the 100% cycle high.
I'm not 100% convinced we will get a 2017 style pump no XRP, but I still see a 50-150% possible move out of it.
So for now, it appears to be a buy on the dip sort of rally unless our RSI level is broken again to the downside.
What do you guys thing? Will you be trading XRP?
I know... I know... I know... the chart is ugly. I apologize.
Also... It's XRP.
The ultimate, centralized shitcoin.
The key thing to remember is that we are traders. The fundamentals of a project are irrelevant to our technical analysis.
Wasa... wasa... wassssup!
We always trust our charts and look for patterns to repeat. In this case, it's the pump cycle on XRP revisited.
First things first, we are seeing Bitcoin dominance finally start to show weakness.
We hit a high time frame resistance level at the weekly resistance from 72% Bitcoin Dominance level.
Based on the weekly RSI, we may see a shift down to the 62-63% zone.
As for XRP, I use this 3 day RSI pattern to determine bear control and bull control.
There are a few things we can see from this RSI.
1.) A cross over from above to below 53 = Bull trend over and a downtrend will start.
2.) A cross from below to above 40 = Bear trend over and an uptrend will start.
3.) The initial pumps occurred exactly 365 days apart. (very interesting.)
If you remember my last chart on Bitcoin buying zones, I talked about bear market and bull market control.
Next up is Fibonacci.
For XRP, it is insane how precise it holds to the fibonacci levels. I want to show you this chart that using the cycle from 2015 as the swing high/swing low for the fibonacci levels.
As you can see, the cycle high top hit the 261.8% fib level perfectly and we can also see that we recently bounced on the 23.6% support similar to in the past.
This would give us high side targets of 38.2, 68.1 as well as the 100% cycle high.
I'm not 100% convinced we will get a 2017 style pump no XRP, but I still see a 50-150% possible move out of it.
So for now, it appears to be a buy on the dip sort of rally unless our RSI level is broken again to the downside.
What do you guys thing? Will you be trading XRP?
Note
Lower time frame fib analysis shows we are overbought and testing the 61.8% of the downtrend. Ideal buy zone will be 2750-2850.
Trade active
Got the exact pull back to the 38.2, which was also the 61.8 fibonacci pull back from the swing high.We also tagged the 4 hour 200EMA.
Trade active and first target set to 6000 sats.
Trail your stop losses as we move through important levels.
If you entered at 2750, you can move your stop to break even to make the trade risk free.
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