XRP is often a coin that moves extremely fast when it gets going and doesn’t give you chance to get in as it can make moves of 100%-1000% in just a matter of weeks so pay attention to the consolidation patterns that precede it.
Firstly lets get the SEC news out of the way – this is just noise. Pay attention to what the charts are showing you.
Consolidation precedes expansion, this is classic accumulation patterns my friends. Here we see on the weekly chart two and a half years of accumulation price action in the green box. Once we broke higher, the market retested the breakout region of 50c-60c as support and it currently moving higher to move towards the recent local high of $1.96 and onto al time highs of $3.
A look at XRPBTC also shows u a long accumulation pattern which we are currently in. XRP typically spends a lot of time in 600-2500 sats region and violently breaks to the upside of around 11000-22000 sats where we then see sharp corrections V BTC . Take a look at DOGEBTC prior to this bull market and you can see it moves in clear ranges low to high very fast.
Using this information of XRPBTC and also looking at the percentage moves of XRP connecting its major highs it would not be unreasonable to assume an upside target of $6-$8. We have seen moves of around 200-1000% connecting the peaks in recent years. Even if we account for some diminishing returns in a maturing market overall, I can see this happening.
Put into the equation that XRP has still not made its move in this market it could well be a coin to look at for a big move up, the charts suggest this.
I have been trading crypto markets for over 4 years so If you appreciate this post and would like more please like the post and comment below. Happy trading 😎