XRPUSD inside a Triangle. How long before it breaks?
This is just an update to my July 01 post on XRPUSD where as it hit the 1W MA50 (blue trend-line), I called for the bottom of the May correction phase:
As you see the price rebounded strongly after that MA50 touch but lately has turned sideways struggling to get past 1.45. In my opinion this is not alarming as it is perfectly aligned with its long-term cyclical behavior. Now of course theoretically Cycles are on a lengthening behavioral model (much like Bitcoin) as adoption is getting wider, but during XRP's 2017 Mania Phase, we had a consolidation pattern in the form of Triangle that dominated the price action and turned it sideways for 6 months before the hyper aggressive rally of December that peaked the Cycle.
Right now XRP seems to be struggling inside a similar Triangle. Now, since the 1W MA50 held, the question on most people's minds should be "how long before it breaks?". Like I said the degree of error on this is above average due to Lengthening Cycles Theory and of course the fundamentals behind the lawsuit fundamentals, but technically that should be around +2 months if we are in a symmetrical price action with the 2017 mania fractal. The CCI is also identical to the 2017 bounce on -70.00 and it certainly shows XRP's huge potential. And that should be at least $7.00 based on the Fibonacci extension model shown on this chart.
What's your target for XRP?
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As you see the price rebounded strongly after that MA50 touch but lately has turned sideways struggling to get past 1.45. In my opinion this is not alarming as it is perfectly aligned with its long-term cyclical behavior. Now of course theoretically Cycles are on a lengthening behavioral model (much like Bitcoin) as adoption is getting wider, but during XRP's 2017 Mania Phase, we had a consolidation pattern in the form of Triangle that dominated the price action and turned it sideways for 6 months before the hyper aggressive rally of December that peaked the Cycle.
Right now XRP seems to be struggling inside a similar Triangle. Now, since the 1W MA50 held, the question on most people's minds should be "how long before it breaks?". Like I said the degree of error on this is above average due to Lengthening Cycles Theory and of course the fundamentals behind the lawsuit fundamentals, but technically that should be around +2 months if we are in a symmetrical price action with the 2017 mania fractal. The CCI is also identical to the 2017 bounce on -70.00 and it certainly shows XRP's huge potential. And that should be at least $7.00 based on the Fibonacci extension model shown on this chart.
What's your target for XRP?
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> TradingView
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