Lately, there have been many XRP enthusiasts capitulating and selling their bags as the token kept knocking down supports. Major capitulation took place a week ago on 14 August, when the price of XRP shattered a year-old support and briefly tanked below it.
This article is an update to the previous article.
There were a lot of people who posted tweets like the ones seen below.
I sold all my xrp it’s going to end up at 0.10 cents
— Xrpkiller (@The27926083) August 14, 2019
If XRP dips under $0.13 it’s the end.
Come at me with everything you got.
— 🇨🇭Sir Robert Rektford 🇨🇭 (@RobertArtRobArt) August 16, 2019
XRP Bags too Heavy?
This was clearly because XRP invalidated the support after it dipped to $0.225; this price was last seen when Bitcoin soared to reach an ATH, December 2017. The price, from this point, regained little momentum as it rallied. However, it is again stuck in a pattern, and will soon break out.
Zooming out the XRP chart, one can clearly see distinct but repetitive patterns of a falling wedge, which breaks out to the top at the end of the pattern. At press time, the breakout was imminent. The question thus was, ‘How high the breakout would take the price of XRP?’
Prof. Barnhardt from “The Day the Earth Stood Still” said it best,
“You say we are on the brink of destruction and you are right. But it is only on the brink that people find the will to change. Only at the precipice do we evolve. This is our moment. Don’t take it from us, we are close to an answer.”
Here’s some wishful thinking and notes about where we can expect to see XRP go in the next few days to the next few weeks.
As mentioned above, the price of XRP keeps forming a falling wedge that keeps breaking out at the end of the pattern. Right now, XRP is at the end of another falling wedge pattern, and the next logical thing is to expect a surge.
How much will it surge?
Usually, rising wedge breakouts are said to rise an approximate 60% from the lowest point of the wedge. Moreover, referring to the trend of a breakout after every pattern, the price looks like it will pump by 50% after it breaks out. This will put the price of XRP at $0.38. Coincidentally, that is an intermediate resistance for XRP.
- A rise of 50% by the end of August and mid-September; this would mean that the price of XRP, as mentioned above, would hit $0.38.
- IF the bullish momentum persists, the price would push towards $0.47. However, this seems less likely, considering the subsequent decrease in the breakout percentage, seen in September 2018 and May 2019.
- After a brief breakout, the price would move sideways for a while, following which will be an explosion causing a massive surge in prices.
To further elucidate point 4, XRP’s history would help. As seen in the above chart, the price of XRP between 2014 and 2016 followed a similar trend that XRP is following now. Three distinctive falling wedge patterns, followed by a small surge, which was then accompanied by sideways movement, eventually leading to an explosion.