XRP is entering a ‘buy the dip’ area. One of our readers reached out with the question “how to know when to by the dip in XRP?” which we consider a great question. The short version: the XRPBTC chart has the answer. We rely on XRPBTC simply because XRP is the most fascinating crypto, so we have a lot of trust in the XRP setup, especially as XRP’s long term reversal continues to improve.
One of the questions we covered recently was this one – When Will XRP Finally Break Out? which we concluded with the following statement:
The right question to ask is not WHEN exactly XRP will break out. That’s because all 3 charts, featuring a completely different view and different chart patterns, confirm the bullish nature but also explosive characteristic of XRP. It is a fact that XRP as a cryptocurrency tends to stage accelerated moves in a very short period of time. The really important question is whether XRP owners are willing to wait until the big breakout above 0.88 USD is going to happen. Between now and then, XRP owners better remain patient, because the structure of this long term consolidation is bullish. Sooner or later, the big breakout will start.
Similar to the important trendline on the XRP chart there is an equally important trendline on the XRPBTC chart.
Below is the long term XRPBTC chart without our annotations. There is not a lot of insights that come with this version of the chart, right?
That’s where chartists can add value – by adding structure to the chart it reveals important insights for investors.
Below is the XRPBTC chart, with annotations, which is useful to answer the question ‘when to buy the dip in XRP.’ A few things stand out on the XRP chart priced in BTC:
- XRPBTC is making higher lows since summer of 2022.
- In doing so, the 50% retracement level (the line in the sand in every consolidation, in every market, on every chart) has turned out to come with XRP buy opportunities since a year.
- Moreover, the rising trendline since the 2021 lows has always acted as support.
- What’s new, since the summer of 2023, is that the rising trendline moved above the 50% retracement level.
Stated differently, if the rising trendline holds, going forward, considering it moved above the 50% retracement level, the buy any dip to the long term rising trendline on the XRPBTC chart coincides with a strong buy the dip in XRP.
We believe that XRP might dip once more to the 0.40-0.45 area which should be a buy the dip opportunity.
Pre-requisite for the bullish case: XRPBTC should stay above the long term rising trendline.
We are tracking 35 tokens for our premium crypto members, one of them XRP. We tend to flash buy alerts when we see that a token like XRP is ready to move higher. You are free to follow our work, and receive much more detail and way before we publish some highlights on our public blog. Become a premium crypto member >>
