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Analysis

XRP inches closer towards a 90% upside profit zone with every passing day

Akash Girimath

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Source: Unsplash

XRP recorded one of the most astounding breakouts during the 2017 bull run. It exploded from a mere $0.22 to $3.30 i.e., a 1400% increase in a matter of ~20 days. Since then, XRP’s fanatics have been longing for a pump similar to the aforementioned run, as their bags are getting heavier, despite the fact that the price remains stagnant.

Short Term

Source: TradingView

The short-term chart for XRP (4-hour) shows that the price is stuck in a parallel channel with higher highs and higher lows. The channel is fresh, which means the price will move in the channel a little longer, before breaking out of it. The 50 and 100 moving average have expanded to hold the price between them. The price was recently supported by the 50 moving average and the lower part of the channel. However, it is yet to rise to the top of channel where it will face resistance from the 100 moving average.

The RSI indicates a similarity with price. However, the MACD suggests sideways or neutral movement for XRP.

Long Term

Irrespective of what’s happening on the short-term chart, the long-term prospects for XRP look quite bullish. The XRP chart indicates the formation of a combination of falling wedge fractals that were last seen just before the 2017 bull run.

Source: TradingView

Pre-2017 bull run, the price underwent two massive falling wedges and following the price moving sideways for a while, XRP saw a humungous spike of 1400%. As of now, the price has undergone three such falling wedge fractals and the price has hit lows last seen before the bull run. So, assuming something similar happens, the upside for XRP looks quite bullish.

If the price shoots up in a similar fashion, it might not be long before we see XRP breach $3 and beyond.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

7 Comments

7 Comments

  1. Avatar

    Mark C

    October 3, 2019 at 7:39 pm

    The market now is very different to 2017, that was before futures markets were introduced, I would not expect a 1200% pump in 20 days.

  2. Avatar

    Duke

    October 3, 2019 at 8:35 pm

    What is this mad chart analysis lol. The price will pump 1400% if we see some real XRP adoption on the horizon, that’s all. Until then we will keep seeing meaningless wedges.

  3. Avatar

    Jo

    October 4, 2019 at 4:15 am

    This token is a scam. You will be buying the CEO a second lambo with your hard earned dollars. He has literal billions that he has promised to dump on you monthly. And the dream? Banks! Which isn’t happening and never will, except in a limited trial run which the banks will then decide XRP didn’t meet their core values or something similar. All this talk about moving average convergence/divergence and you haven’t looked at the fundamentals once. Good luck, hope you guys have fun buying Garlinghouse a night on the town

  4. Avatar

    Ray

    October 4, 2019 at 6:43 am

    Excellent comment.

  5. Avatar

    Truth McJustice

    October 4, 2019 at 7:29 am

    Yea, this “channel” is not a technical bull sign, it’s actually pretty bearish… Trendlines are made to be broken and it’s more likely to resolve lower out of this type of corrective bounce.

  6. Avatar

    Andy Griffith

    October 4, 2019 at 7:03 pm

    What happened in the past is never a predictor for future, for crypto. Lot of money has sunk due to such wishful and speculative forecasts.

  7. Avatar

    Christopher Traviss

    October 6, 2019 at 3:42 pm

    The market IS very different when compared to 2017; as is the company Ripple and the digital asset XRP.. Few differences worth noting are the 200 + customers acquired since 2017. Moneygram, XPRING, COIL, and so very very much more. Far too much to list in this comment.

    This is not the stock market! This is a new digital animal and the beginning of actual utility! We’re witnessing the beginning of a new global financial engine being put into place, a liquidity engine, and to fire it up requires only the turn of a key to get XRP prices inline with what is actually required to ensure ZERO chance of slippage!

    The “Shane Ellis Theory” is not a theory, nor is it the only method to incite sudden massive price increase (all very legal mind you). Once multiple payment corridors are fired up, XRP price can (and will) in the blink of an eye explode to far beyond what most think is even possible.

    Mark my words… MOST who are not familiar with the facts of what is actually unfolding will be feverishly scrambling to acquire a position after the hammer is initially dropped.

    Who knows?… maybe I’m wrong… ; )

    DYOR…

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