XRP Ripple repeating patterns?
Updated
Here we can see that not just Bitcoin is repeating patterns (bitcoins fractal i posted Friday played out very nicely). So maybe these things still have real value, but as mentioned in the Bitocin fractal analysis, these things should not just be followed blindly, it needs more.
The support line on the left, in theory could go on for a very long time, since it's a channel, so unless it breaks the channel it could test it's support again. Unless at some point we see a big strong move up and eventually break out of that channel.
I made this chart below yesterday (added the one on the right just now). There is a potential double bottom in the making. It's complete now, except for the breakout and pump. It's at the neckline now, so it should break up and pump towards 0.55 today. From now on, it should not break the first support around 0.505. Also goes without saying, today's low around 0.49 should not break either. But a break of the 0.505ish could already invalidate the double bottom.
So there is a nice setup here, potential to break that big channel with this double bottom and maybe follow the next step of the fractal. The biggest doubt i have (otherwise this would be a super setup to try), is that airdrop XRP had Friday, the one i didn't know of until an hour AFTER it happened. We can assume a lot of people bought XRP the past period to get the free coins, the danger of that could be that a lot of them are selling XRP as well now. The chart says, not likely to see big dumps, but because of the Airdrop, i can't say if the chart is giving false signals. Since it gave me false signals past days, with the daily candle earlier this week for example.
Anyway, range now is, 0.52ish and 0.505ish.
The Bitcoin fractal analysis i mentioned above:
Don't forget to like if you appreciate this :)
Previous analysis:
The support line on the left, in theory could go on for a very long time, since it's a channel, so unless it breaks the channel it could test it's support again. Unless at some point we see a big strong move up and eventually break out of that channel.
I made this chart below yesterday (added the one on the right just now). There is a potential double bottom in the making. It's complete now, except for the breakout and pump. It's at the neckline now, so it should break up and pump towards 0.55 today. From now on, it should not break the first support around 0.505. Also goes without saying, today's low around 0.49 should not break either. But a break of the 0.505ish could already invalidate the double bottom.
So there is a nice setup here, potential to break that big channel with this double bottom and maybe follow the next step of the fractal. The biggest doubt i have (otherwise this would be a super setup to try), is that airdrop XRP had Friday, the one i didn't know of until an hour AFTER it happened. We can assume a lot of people bought XRP the past period to get the free coins, the danger of that could be that a lot of them are selling XRP as well now. The chart says, not likely to see big dumps, but because of the Airdrop, i can't say if the chart is giving false signals. Since it gave me false signals past days, with the daily candle earlier this week for example.
Anyway, range now is, 0.52ish and 0.505ish.
The Bitcoin fractal analysis i mentioned above:
Don't forget to like if you appreciate this :)
Previous analysis:
Comment
XRP is still being weak compared to the rest of the market. The double bottom looked pretty good earlier today, but it has a very hard time to really push higher. So where it was a double bottom + a breakout, now its starting to look like a bearish wedge. XRP has to make a significant push up very soon, think has to break above the 0.54 to invalidate the forming of this bearish wedge. Support still seems to be around 0.505ish. If that breaks, could be headed to the low side of that trendline on the left.Comment
Writing a new analysis, looks very similar, 0.495 should hold and 0.49 should be the max
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