Bitcoin risks 30% loss against XRP if ‘triple bottom’ confirms

July 12, 2024 Coin Telegraph

XRP price can fall 40% by September — Fractal analysis

July 20, 2023 Coin Telegraph

XRP is currently mirroring a trend from the April-June 2021 that preceded the price falling by 65% in the following months.

The double-digit percentage gains for XRP (XRP) this month may have reached the exhaustion point, reflecting the trends elsewhere in the cryptocurrency market.

This follows the euphoria surrounding Ripple's partial win versus the U.S. Securities and Exchange Commission, resulting in bullish calls for as high as $15 in the coming months.

$15 is reasonable I believe over 18 months or so.

If they IPO and time it correctly, could be up to $35 imo.

Make no mistake… it may not go that high… but $XRP IS breaking an all time high this cycle save some sort of pointless, vindictive SEC appeal. (Low chance) https://t.co/rrMCuOacrE
— Ben Armstrong (@Bitboy_Crypto) July 19, 2023

Nonetheless, fractal analysis of XRP's recent candlestick and price momentum patterns hints that a sharp market correction is not off the table, particularly if history repeats.

XRP price fractal preceded 65% decline

Notably, certain XRP market signals preceded a 65% price decline in Q2, 2021. These are now flashing again, namely the multi-year descending trendline resistance and an "overbought" relative strength index (RSI), as illustrated below.

*XRP/USD weekly price chart. Source: TradingView*

The descending trendline resistance (marked as "upper trendline resistance" in the chart above) has limited XRP's upside since January 2018. This price ceiling is helped by another horizontal trendline resistance (purple) near $0.93.

Overall, the resistance confluence, coupled with an overbought RSI, now raises XRP's risks of a market correction. In this case, XRP price will likely fall toward the lower trendline support near $0.52 by September, down almost 40% from current price levels.

Interestingly, the downside target appears closer to XRP's 50-week exponential moving average (50-week EMA; the red wave), which raises the possibility of a bounce around this level. Moreover, the wave support was the local bottom level during the price decline in Q2, 2021.

As of July 20, XRP price is up 70% month-to-date, outperforming the broader crypto market, which rose only 5% in the same period.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP ‘mega whales’ scoop up over $700M in second-biggest accumulation spree in history

February 18, 2022 Coin Telegraph

<div>XRP 'mega whales' scoop up over 0M in second-biggest accumulation spree in history</div>

Altcoin Analysis

The so-called "mega whales" have accumulated over $712 million worth of XRP tokens since December 2021.

XRP addresses that hold at least 10 million native units have returned to accumulating more in the past three months, a similar scenario that preceded a big rally for the XRP/USD and XRP/BTC pairs in late 2020.

The return of XRP 'mega whales'

A 76% spike in XRP "mega whale" addresses since December 2021 has been noted by analytics firm Santiment showing that they added a total of 897 million tokens, worth over $712 million today, to their reserves.

The platform further highlighted that the XRP accumulation witnessed in the last three months was the second-largest in the coin's existence. The first massive accumulation took place in November-December 2020 that saw whales depositing a total of 1.29 billion XRP to their addresses.

*XRP supply into addresses holding more than 10 million native units. Source: Santiment*

Interestingly. the spike in XRP supply into the whale addresses coincided with a price bounce against Bitcoin. The XRP/BTC exchange rate surged by nearly 150% to as high as 3,502 satoshis between Nov. 1, 2020, and Nov. 24, 2020.

XRP also strengthened against the dollar as with XRP/USD rallies by more than 250% to $0.82 in the same November period. As a result, the recent uptick in whales-led accumulation raised possibilities of a similar upside trend in the XRP market, Santiment hinted.

Nonetheless, it is vital to mention that XRP's massive boom in November 2020 came primarily in the wake of Ripple's move to purchase $46 million worth of XRP to "support healthy markets."

XRP price holding rebound gains

The recent bout of XRP accumulation among whales partially appeared alongside a recovery over the past weeks.

XRP's price rebounded by as much as 65% to $0.91, less than three weeks after bottoming out at $0.55 on Jan. 22, 2022. Nonetheless, as of Friday, the price had fallen back to near $0.77, suggesting that bulls reeled under the pressure of the 50-week exponential moving average (50-week EMA; the red wave in the chart below).

Cointelegraph discussed a similar pullback setup in its analysis last week, suggesting that a selloff near the 50-week EMA could trigger an extended downside move toward the 200-week EMA (the blue wave) near $0.54.

Conversely, the setup also indicated that a decisive move above 50-day EMA might push the price to its multi-month descending trendline resistance near $1.

The price action on shorter-timeframe charts also suggests an imminent rally toward $1. For instance, XRP has been forming what appears to be a bull pennant setup on a four-hour chart, confirmed by an ongoing consolidation in a symmetrical triangle.

*XRP/USD four-hour chart featuring bull pennant setup. Source: TradingView*

A basic rule of the bull pennant setup is that it prompts the price to go higher once it decisively breaks above the structure's upper trendline, and thus eyeing levels above $1.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price eyes $1.50 next after bouncing 30% in just 10 days

October 10, 2021 Coin Telegraph

XRP price eyes .50 next after bouncing 30% in just 10 days

Altcoin Watch

The XRP price chart is painting a golden cross while rising inside an ascending channel.

XRP has a good chance of hitting $1.50 in the fourth quarter of 2021 after painting a bullish crossover between its 20-day and 50-day exponential moving averages (EMA).

The so-called Golden Cross has appeared multiple times on XRP charts in history. Its last occurrence was on Aug. 10, which followed up with a circa 80% price rally later, with XRP topping out seasonally at $1.43 before pulling back to the downside.

Similarly, a close of XRP's 20-day EMA above 50-day EMA on Feb. 4, coincided with an approximately 400% price rally afterward. In doing so, XRP reached a year-to-date high of $1.98, further attesting that the latest Golden Cross could prompt a similar bullish response from traders.

*XRP/USD daily price chart featuring Golden Cross. Source: TradingView.com*

More cues for an upside move come from the Rising Wedge pattern. The upper and lower trendlines of the ascending channel pattern has lately served as resistance and support to XRP's price moves. The cryptocurrency's ongoing upside move also followed a strong bounce from the Wedge's lower trendline, as shown in the chart above.

Thus, XRP's potential to stretch its rebound towards the Wedge's upper trendline seems high. That roughly paints a bullish target of $1.50 for XRP.

Ripple vs. SEC

The latest bout of buying in XRP markets also came in the wake of a recent SEC vs. Ripple lawsuit update.

For the uninitiated, the U.S. Securities and Exchange Commission (SEC) filed an action against Ripple Labs and two of its executives in December 2020, alleging that they raised over $1.3 billion through an unregistered securities offering via XRP tokens.

In response, Ripple Labs has been trying to prove that XRP is a utility token—not security—based on the former SEC director William Hinman's speech wherein he noted that Ether, a blockchain token like XRP, is not a security asset.

The current SEC regime argues that Hinman's opinions were personal. But based on recent findings, the U.S. securities regulator may have been lying.

Ripple's legal team recently submitted logs in the court that showed SEC directing its employees to analyze digital currencies as per the framework provided by Hinman. It could prove that Hinman's speech was not a mere personal opinion but an official directive.

Judge Netburn ruled in favor of Ripple Labs and added the proofs to their "in camera" review.

#XRPCommunnity #SECGov v. #Ripple #XRP BREAKING: 1/3 Judge Netburn Orders the SEC to submit for in camera review the two documents related to the SEC's meetings with law firms and the email chain concerning discussions with a third party who received guidance from the SEC pic.twitter.com/zbjDi7HKYJ
— James K. Filan (@FilanLaw) October 8, 2021

The ruling came out on Oct. 8, which was followed by a 17% rally in XRP price.

Bearish reversal pattern also in pl

XRP's Rising Wedge is a bearish reversal pattern. As a result, the cryptocurrency's gains in the future would face correction risks if the price breaks below the lower trendline.

*XRP/USD price chart featuring Rising Wedge breakout setup. Source: TradingView.com*

The potential negative breakout risks sending the XRP price as low as the maximum distance between the Wedge's lower and upper trendline. That would put the cryptocurrency's downside target under $0.65.

XRP Analysis