XRP - Inverse Head and Shoulders on the 1D
Updated
XRP seems to be forming an inverted Head and Shoulders on the daily.
If this breaks out, I expect it to march toward $0.633. RSI is showing "overbought" territory, but markets can move one way longer than many can remain solvent. IMO, dips on XRP are for buying. A reset of RSI or a cooldown of turbo upward price action is for buying.
If we flip 0.633 and retest it to turn it to a support level, this thing could rip to $1 quickly.
Like my previous cup and handle post I made, I mention the case with the SEC and the June 13th SEC documents to be released. I expect this to be extremely bullish for XRP. Ripple looks like they are the winners in this case, which sets precedent, and gives XRP the title of "only token with clarity". In this case, there is institutional interest and buying that would take place; JP Morgan made this clear, that they're a buyer if Ripple wins the case for XRP - I wonder who else is a buyer? I expect many partnerships and projects to be revealed with XRP and Ripple after the case, and price will probably only go higher.
On June 25th, the Bank for International Settlements (BIS) will be releasing a document on their idea for CBDCs and a "unified ledger". Ripple is an active partner of the BIS, with many projects and mentions for XRP and the XRP Ledger in their documents over the last 6 years. This document released on June 25th will likely include chatter around the XRPL. If this is the case, there is no doubt in my mind that this whole SEC XRP clarity thing is bigger than many can fathom. Just keep an eye on them and what they do.
It's not wrong to imagine a higher XRP dominance if this all takes place, and a 'lifeboat' scenario where people will flock to the safe haven, because why wouldn't you hold it? The upside is way too significant and the chart looks awesome.
In essence, XRP has inverse H&S on 1D, super bullish catalysts for FA, and lots of sidelined capital waiting to jump in when the green light comes on. Will be watching this, this is a long trade.
If this breaks out, I expect it to march toward $0.633. RSI is showing "overbought" territory, but markets can move one way longer than many can remain solvent. IMO, dips on XRP are for buying. A reset of RSI or a cooldown of turbo upward price action is for buying.
If we flip 0.633 and retest it to turn it to a support level, this thing could rip to $1 quickly.
Like my previous cup and handle post I made, I mention the case with the SEC and the June 13th SEC documents to be released. I expect this to be extremely bullish for XRP. Ripple looks like they are the winners in this case, which sets precedent, and gives XRP the title of "only token with clarity". In this case, there is institutional interest and buying that would take place; JP Morgan made this clear, that they're a buyer if Ripple wins the case for XRP - I wonder who else is a buyer? I expect many partnerships and projects to be revealed with XRP and Ripple after the case, and price will probably only go higher.
On June 25th, the Bank for International Settlements (BIS) will be releasing a document on their idea for CBDCs and a "unified ledger". Ripple is an active partner of the BIS, with many projects and mentions for XRP and the XRP Ledger in their documents over the last 6 years. This document released on June 25th will likely include chatter around the XRPL. If this is the case, there is no doubt in my mind that this whole SEC XRP clarity thing is bigger than many can fathom. Just keep an eye on them and what they do.
It's not wrong to imagine a higher XRP dominance if this all takes place, and a 'lifeboat' scenario where people will flock to the safe haven, because why wouldn't you hold it? The upside is way too significant and the chart looks awesome.
In essence, XRP has inverse H&S on 1D, super bullish catalysts for FA, and lots of sidelined capital waiting to jump in when the green light comes on. Will be watching this, this is a long trade.
Trade active
ENTERED LONG XRP TAPPED NECKLINE RETEST ON D1 DURING THE ALTCOIN DUMP WHERE WE HAD -15-30% ACROSS MOST ALTS
I am bullish! Can be wrong, but odds are looking like this thing is going to rip if June 13th is a good day!
Note
MY SL IS SWING LOW UNDER NECKLINE - OKAY WITH THIS STOP BECAUSE THIS TRADE HAS BEEN FORMING FOR SO LONG We have fully closed down to the neckline, need to prove that this level is strong support.
June 13th it did rip but all momentum got squashed with rest of market slow bleeding below critical levels.
Adding some more to my longs here. Still following the setup.
Note
TRADE IS STILL LIVE AND STRONG RIPPLE ABOUT TO WIN SEC CASE
REGULATORY FRAMEWORK COMING
BLACKROCK WANTS YOUR COINS
Note
If we close on the daily before 0.4539 this trade is invalidated for me unless it's some sort of sweep for liquidity to recover back above the neckline. Bitcoin dumping could kill this trade. Or, they can timely announce the judgement of the SEC case so it can play out LOL. Regardless, level needs to hold.
Note
XRP HAS WON AGAINST THE SECXRP DECLARED A NON-SECURITY
CONGRADULATIONS TO THOSE HOLDING XRP, NOT ONLY IS XRP THE ONLY COIN WITH CLARITY, BUT THE TRADE PLAYED OUT. LEGENDARY.
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.