XRPLong
XRP to hit $7.7 in March end - April early
Updated
Chart type: Weekly Log chart
Historical Analysis:
1. Uptrending chart pattern with upper lows (Long position)
2. Jan-Mar'17 &'18 showed similar trade market with low volumes
4. Breakout in Mar'17 after 9 weekly bars (63d)
3. Strong bullish candles post the low volumes in the past (Mar, Apr & Dec) with growth ranging from 12x-17x
4. 65% historical average retracement post breakout
Justification for bull market ahead:
1. With similar low volumes and sideways price pattern b/w Jan - Mar in FY17 & FY18, the expected bull breakout should be after 9 weekly bars
2.Growth is expected to be 12x to reach upto $7.7
3. 65% retracement to pull down the price to $2.7
Market Cap Analysis:
Current MCap: $26.58 Bn
Expected MCap (12x): ~315 Bn
Post retracement (65%) : ~111 Bn
Flip Side (Bearish):
Next Support level to be at $0.23 which should bring down the Market cap to $8.7 Bn
Historical Analysis:
1. Uptrending chart pattern with upper lows (Long position)
2. Jan-Mar'17 &'18 showed similar trade market with low volumes
4. Breakout in Mar'17 after 9 weekly bars (63d)
3. Strong bullish candles post the low volumes in the past (Mar, Apr & Dec) with growth ranging from 12x-17x
4. 65% historical average retracement post breakout
Justification for bull market ahead:
1. With similar low volumes and sideways price pattern b/w Jan - Mar in FY17 & FY18, the expected bull breakout should be after 9 weekly bars
2.Growth is expected to be 12x to reach upto $7.7
3. 65% retracement to pull down the price to $2.7
Market Cap Analysis:
Current MCap: $26.58 Bn
Expected MCap (12x): ~315 Bn
Post retracement (65%) : ~111 Bn
Flip Side (Bearish):
Next Support level to be at $0.23 which should bring down the Market cap to $8.7 Bn
Note
As the market continues to be bearish due to the multiple reasons (lack of trust, MT Gox, Google ban, weekend low volumes, etc.,), total crypto market cap could be expected to be pulled down to the range of $247-$289 Bn. Moreover, the XRP price as previously mentioned could fall to $0.23, failing its previous low of $0.57. This should provide an excellent buy opportunity. However, reiterating the following:1. Expected return from the lows should be 12x till early april
2. 65% retracement post growth
Thanks for the support ! peace out
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.