The XRP chart is turning into an absolute beauty. However, it is not ‘ready’, not yet, to create enough bullish power to clear the 24 month falling trendline. We called it the ‘Litecoin effect‘ in our premium research service. However, XRP is visibly working on a big breakout which we expect to happen not later than April of this year. The breakout we anticipate will determine whether our XRP forecast will be achieved this year.
As a refresher, this is what we mean by the ‘Litecoin effect’:
It’s very simple, the ‘Litecoin effect’ is a ‘break up event’ of the falling trendline that did dominate the downtrend in 2022.
It’s as simple as it can get which is why most market participants completely miss it. Good things were happening in some tokens in the last 6 weeks. We found the strongest tokens, the ones that went up 4-fold, we tipped them in our premium crypto investing research service. Case in point: AI tokens.
That said, with the uncertainty surrounding XRP, it was to be expected that XRP would not be one of the tokens that would shoot higher.
Moreover, from a chart perspective, XRP continues to work on a long term triangle. Visibly, a W-pattern is in the making inside this triangle. Both are bullish chart characteristics, certainly when combined.
We believe a buy opportunity is in the making in XRP. The next volatility window, mid-Feb to mid-March, should come with a ‘buy the dip opportunity’ provided that XRP respects the 0.34 level (on a 3 to 5 day closing basis). If not, it might be signaling an invalidation of the bullish setup.
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