Assess the possibility that XRP will soar to $ 4 in the next 2 weeks
The cryptocurrency market in general is showing strange things right now. The correlation of the Bitcoin price with altcoins like ETH and ADA collapsed. While the long-term bullish structure remains intact for most, there seems to be panic over BTC’s recent plunge to $ 60,380.
At XRP, however, the trend could explode in the next few weeks. Especially since a new all-time high is coming soon.
XRP: are daily and weekly charts strong enough?
Source: trade view
In a previous article, we discussed consolidating XRP in a symmetrical triangle pattern towards a bullish breakout. However, on October 27th, the price moved down.
At the time of writing, the decline could be viewed as gaining momentum as the price immediately rebounded and the XRP surged above $ 1.1 within a week. Technically, the daily candle closed above the exponential moving average of 20 (EMA-20) in 3 days, showing strong bullish momentum.
Based on the above structure, the weekly chart shows a perfect path for XRP.
Source: trade view
Fractal patterns (patterns that have now emerged repeat themselves) over time often indicate the direction of movement, and the most recent patterns in XRP are bullish. As seen above, XRP’s weekly chart hit similar local tops / bottoms and positive symmetrical triangle breakouts during Q1 / 2021 and Q4 / 2021.
The only missing part of the continuation table is the return of the explosive movement. These brought XRP to $ 2 in April 2021. A similar development will push XRP slightly above $ 3 and likely to $ 4 in the next few weeks.
The path for XRP is only through commissions?
Social volume | Source: Santiment
One factor that doesn’t support the $ 4 price prediction is the lack of social volume. There was a high level of commitment to XRP in the first quarter of 2021. However, this is not currently clearly stated.
According to the graph, the social volume is nothing special. This shows a lack of retail interest, or in other words, that the public is not overly enthusiastic about XRP.
XRP Prize DAA Divergence (pink) | Source: Santiment
However, activity in the chain is not a cause for concern. A week ago there was a clear bullish divergence between the increasing number of active addresses and the falling price. Now this increase in value is seen as the underlying catalyst.
More addresses are active every day, which means that engagement increases. Implicitly, it means that XRP is attracting users’ attention.
Conclude
To be fair, the $ 4 price rally is still extremely speculative despite the market structure and fundamentals.
Any sharp correction on the BTC side could trigger a sell-off in the altcoin market. However, despite its correlation with BTC, XRP has seen an upward phase in the past. Hence, there is no reason to believe that it will not happen again.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Blockchain
Assess the possibility that XRP will soar to $ 4 in the next 2 weeks
The cryptocurrency market in general is showing strange things right now. The correlation of the Bitcoin price with altcoins like ETH and ADA collapsed. While the long-term bullish structure remains intact for most, there seems to be panic over BTC’s recent plunge to $ 60,380.
At XRP, however, the trend could explode in the next few weeks. Especially since a new all-time high is coming soon.
XRP: are daily and weekly charts strong enough?
Source: trade view
In a previous article, we discussed consolidating XRP in a symmetrical triangle pattern towards a bullish breakout. However, on October 27th, the price moved down.
At the time of writing, the decline could be viewed as gaining momentum as the price immediately rebounded and the XRP surged above $ 1.1 within a week. Technically, the daily candle closed above the exponential moving average of 20 (EMA-20) in 3 days, showing strong bullish momentum.
Based on the above structure, the weekly chart shows a perfect path for XRP.
Source: trade view
Fractal patterns (patterns that have now emerged repeat themselves) over time often indicate the direction of movement, and the most recent patterns in XRP are bullish. As seen above, XRP’s weekly chart hit similar local tops / bottoms and positive symmetrical triangle breakouts during Q1 / 2021 and Q4 / 2021.
The only missing part of the continuation table is the return of the explosive movement. These brought XRP to $ 2 in April 2021. A similar development will push XRP slightly above $ 3 and likely to $ 4 in the next few weeks.
The path for XRP is only through commissions?
Social volume | Source: Santiment
One factor that doesn’t support the $ 4 price prediction is the lack of social volume. There was a high level of commitment to XRP in the first quarter of 2021. However, this is not currently clearly stated.
According to the graph, the social volume is nothing special. This shows a lack of retail interest, or in other words, that the public is not overly enthusiastic about XRP.
XRP Prize DAA Divergence (pink) | Source: Santiment
However, activity in the chain is not a cause for concern. A week ago there was a clear bullish divergence between the increasing number of active addresses and the falling price. Now this increase in value is seen as the underlying catalyst.
More addresses are active every day, which means that engagement increases. Implicitly, it means that XRP is attracting users’ attention.
Conclude
To be fair, the $ 4 price rally is still extremely speculative despite the market structure and fundamentals.
Any sharp correction on the BTC side could trigger a sell-off in the altcoin market. However, despite its correlation with BTC, XRP has seen an upward phase in the past. Hence, there is no reason to believe that it will not happen again.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
