XRP Analysis
Atualizado
Hi Everyone,
Here is my first XRP analysis. Please share, comment and enjoy!
Note: This is not financial advice, please do your own research and due diligence before investing in this volatile asset class!
I will first share some technicals, then give my short opinion on its fundamentals.
Previous Price Action on the Daily and Weekly Chart:
After price melted from .7 levels, we found support at .17 and rejected with a long wick candle that closed above .22 zone, following an engulfing weekly candle that took us to .3 zone.
What caused this was SEC news manipulation by Jay Clayton and is just a big correction to scare investors away while other cryptocurrencies like bitcoin and many other alt coins pumped.
Bullish Bias:
Price so far has rejected 2 support levels and a backtest of a strong downtrend, plus a strong weekly engulfing candlestick and shows 3 bullish patterns: inverse head and shoulders on the daily chart , W formation forming on the daily chart , and falling wedge into support on the 4 hour chart. If they are respected we can make our way up .45-.5 zone and upon break we will reach recent highs and make new ones.
Price has also made a higher high at .80s, the only other time we reached this high was in 2018, so I expect the bear market to be finished and now the beginning of a bull market. I have included the price pattern if it were to follow as in 2017/2018 in the chart. If this plays out, we should reach $10-$20 first, then consolidate for some time, and finally reach higher targets such as $50-$100 by the end of 2021. In 2018 we also fell over 90% for 3 years when the bullrun completed last time which we possibly might not repeat simply due to the fact that XRP may be utilized by then, preventing the price to collapse in such a drastic manner, which I discuss about below in the fundamentals section.
Bearish Bias:
If we get a weekly close below .22 support, this will signal the price still has bear pressure and can make its way down to the last support defending the price from collapsing to .1-.15 levels. After this is broken we will collapse to 2017 prices and bulls will have a very difficult time recovering.
This scenario is likely only if more bad news manipulation pushes us down, otherwise we have more confluences to support a bullish bias.
I am expecting there will NOT be any more bad news manipulation simply due to the fact that if we were to go lower, we would have already gone when XRP was delisted earlier this month, and as you can see we are actually close to breaking to the upside.
Fundamentals:
As for fundamentals, they have always been positive. You can see back when covid started, many companies and businesses were going bankrupt due to a lack of progression while Ripple (the company behind XRP) was always making new partnerships and hiring new job positions, building the backbone of this upcoming transition for this world into cryptocurrency.
They have over 300+ partnerships, most of them being financial institutions, money transfer services and most importantly, Central Banks. Why do you think they are partnered with central banks? Because XRP is such a big project in the making that 90+% of people do not realize what is to come, until it really happens.
One big recent event was when the SEC sued Ripple, it caused the price to crash 70+% and many people sold their XRP out of fear at a loss. This was unfortunate because it poorly shows the wrong side of this young cryptocurrency market, and how most believe that something is only valuable for its price tag and not its actual intrinsic value. This is why it is one of the most hated cryptocurrencies right now due to its 3 year prolonged bear market. My view is simple: once the SEC lawsuit is over with, we can begin getting some regulations and XRP can finally pump and keep pumping from a technical and fundamental perspective.
XRP is designed to be functional at a high value, to be used as a liquidity tool for these central banks to use, eliminating flawed systems today like SWIFT and Nostro/Vostro accounts, which will unlock trillions of dollars in the upcoming years. I believe it will probably be the most valuable asset once it has matured, at least in our lifetime.
The price can go up or down, but at the end of the day XRP is here to stay, and ultimately change the world.
Here is my first XRP analysis. Please share, comment and enjoy!
Note: This is not financial advice, please do your own research and due diligence before investing in this volatile asset class!
I will first share some technicals, then give my short opinion on its fundamentals.
Previous Price Action on the Daily and Weekly Chart:
After price melted from .7 levels, we found support at .17 and rejected with a long wick candle that closed above .22 zone, following an engulfing weekly candle that took us to .3 zone.
What caused this was SEC news manipulation by Jay Clayton and is just a big correction to scare investors away while other cryptocurrencies like bitcoin and many other alt coins pumped.
Bullish Bias:
Price so far has rejected 2 support levels and a backtest of a strong downtrend, plus a strong weekly engulfing candlestick and shows 3 bullish patterns: inverse head and shoulders on the daily chart , W formation forming on the daily chart , and falling wedge into support on the 4 hour chart. If they are respected we can make our way up .45-.5 zone and upon break we will reach recent highs and make new ones.
Price has also made a higher high at .80s, the only other time we reached this high was in 2018, so I expect the bear market to be finished and now the beginning of a bull market. I have included the price pattern if it were to follow as in 2017/2018 in the chart. If this plays out, we should reach $10-$20 first, then consolidate for some time, and finally reach higher targets such as $50-$100 by the end of 2021. In 2018 we also fell over 90% for 3 years when the bullrun completed last time which we possibly might not repeat simply due to the fact that XRP may be utilized by then, preventing the price to collapse in such a drastic manner, which I discuss about below in the fundamentals section.
Bearish Bias:
If we get a weekly close below .22 support, this will signal the price still has bear pressure and can make its way down to the last support defending the price from collapsing to .1-.15 levels. After this is broken we will collapse to 2017 prices and bulls will have a very difficult time recovering.
This scenario is likely only if more bad news manipulation pushes us down, otherwise we have more confluences to support a bullish bias.
I am expecting there will NOT be any more bad news manipulation simply due to the fact that if we were to go lower, we would have already gone when XRP was delisted earlier this month, and as you can see we are actually close to breaking to the upside.
Fundamentals:
As for fundamentals, they have always been positive. You can see back when covid started, many companies and businesses were going bankrupt due to a lack of progression while Ripple (the company behind XRP) was always making new partnerships and hiring new job positions, building the backbone of this upcoming transition for this world into cryptocurrency.
They have over 300+ partnerships, most of them being financial institutions, money transfer services and most importantly, Central Banks. Why do you think they are partnered with central banks? Because XRP is such a big project in the making that 90+% of people do not realize what is to come, until it really happens.
One big recent event was when the SEC sued Ripple, it caused the price to crash 70+% and many people sold their XRP out of fear at a loss. This was unfortunate because it poorly shows the wrong side of this young cryptocurrency market, and how most believe that something is only valuable for its price tag and not its actual intrinsic value. This is why it is one of the most hated cryptocurrencies right now due to its 3 year prolonged bear market. My view is simple: once the SEC lawsuit is over with, we can begin getting some regulations and XRP can finally pump and keep pumping from a technical and fundamental perspective.
XRP is designed to be functional at a high value, to be used as a liquidity tool for these central banks to use, eliminating flawed systems today like SWIFT and Nostro/Vostro accounts, which will unlock trillions of dollars in the upcoming years. I believe it will probably be the most valuable asset once it has matured, at least in our lifetime.
The price can go up or down, but at the end of the day XRP is here to stay, and ultimately change the world.
Nota
Hey everyone, we are currently experiencing exciting times in the XRP chart. Price has pushed up with huge momentum since breaking .3 levels, and we have just broken above .6. Once we get above the previous high at .8 and past $1, I am confident to say ATH will soon be achievable. If we happen to fall lower, I am expecting all key levels we have broken now turned into support, so in any case we make a higher low, the chart is still considered bullish.Nota
Simple backtest of the $0.7 breakout area back at beginning of April. Slingshot pulled back, strap in yo seatbelts this rocket train ain't waiting for nobody. Gazer shades on, moon mission commencing, $10 here we come.
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