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Ripple (XRP) has acquired significant attention from traders and investors recently, and it currently sits at a crucial point in its price action. I will analyze Ripple's recent performance and potential future scenarios from an Elliott Wave perspective. Additionally, I will discuss some of the factors that may influence Ripple's price, as well as its relationship with Bitcoin Dominance.
Recent Price Action and Elliott Wave Analysis
Ripple has experienced a strong move up to the resistance level of 56 cents, reminiscent of the spike in September 2022. This time, however, Ripple has managed to push slightly higher, reaching a current high of 58 cents. From an Elliott Wave perspective, it appears that we have completed a wave 3 at this high.
Extended Wave 3 and Potential Short-term Targets
There is a degree of likelihood that Ripple will surpass its current high of 58 cents in the near future if the market decides that breaking the 56-cent resistance (the September 2022 high) is worth pursuing further. This would indicate that we are in an extended wave 3 move, with short-term targets at 70 cents.
Wave 4 Cool Down and Retracement
If Ripple reaches the 70-cent mark, we can expect a cool-down period of at least a few weeks as the market enters wave 4. During this period, Ripple is likely to retrace back to around 60 cents before resuming its upward trajectory.
Bitcoin Dominance and Optimistic Scenario
The associated chart displayed in this analysis presents the most optimistic scenario for Ripple's price, assuming that Bitcoin Dominance behaves as expected when it reaches 50%. In this case, Ripple could experience significant growth throughout 2023.
Upper Limit for XRP in 2023
However, it's essential to exercise caution when holding XRP at higher price levels. If Ripple reaches 85 cents or higher, it may be wise to reevaluate your positions, as the top for 2023 could potentially be between 85 and 88 cents. Keep in mind that this is the most optimistic scenario, and it's crucial not to become overly attached to a specific price target.
The pullback to the broken channel ceiling appears to be completed with an attractive twin floor pattern. If the static resistance area (horizontal red line) is broken with strength, further targets will be readily available. The loss limit is specified in the analysis image.
Sooner than expected but the price actually wicked up and tagged my 58.5 cents precisely! It always amazes me every time when these technicals play out. I just wish I could be better with the timing.
Anywho, now that the price has met the earlier target that I had call for, what can we expect from ripple?
TBH , I am not quite sure. I'd love to see us come back down and tag either that 50 day ma or, preferably, the 200. But we have a lot of support now on the underside of price. At this point, unless BTC leads the way with a more pronounced drawback, I don't know if we'll get there. If we do, you can be sure I'll be re-entering trades at that point.
As always, stay tuned.
so, you should start here;
it's the big picture for the next 12-18 months; an upwards 5 leg wave
A lot of market participants are calling for a firm end to Bitcoin's ( BTCUSD ) rally around the 30k mark. Who can blame them? Bitcoin has been on a very aggressive rally since the start of the year with its price in the low 16000s at the time. As we pointed out at an earlier analysis however, the breaking and closing of a 1W candle above the 1W MA50 (blue trend-line), set in motion the 2nd phase of this rally towards $30000.
** Former Support Zone turned into Resistance **
This is the level that most are afraid of and rightly so as the broader range of 29500 - 32500 is the former Support Zone (now Resistance) of the Bear Cycle, the Zone that initially supported the first sell-off and closed all candles above it for many months. When it finally gave in in May 2022, BTC entered the 2nd, most aggressive but final phase of the Bear Cycle. In fact, such Zones were present in BTC's previous Cycles. The Resistance Zone in 2019 was within 5800 - 6200 while in 2015 with 350 - 410.
** The 0.5 Fibonacci **
What's perhaps more important than this Zone itself, is the 0.5 Fibonacci retracement level since the Cycle's top. On the current Cycle that's at $32800. In these past two Cycles, when Bitcoin closed a 1W candle above the 0.5 Fib, the price rallied and hit the 0.786 Fib in 6 and 8 weeks respectively! The 0.786 Fib on the current Cycle is at $50000.
But why do we give more weight to the 0.5 Fib instead of the Resistance Zone around the 30k mark? Because even though in the previous Cycle on the week May 06 2019, BTC broke above it and aggressively extended the rally, in the Cycle before on the week of November 02 2015, it broke (even above the 0.5 Fib) but got sold massively only to close the 1W candle back below it. As a result, a closing above the 0.5 Fib would be a more accurate signal.
Notice also that by the time the post 0.5 Fib rally reached the 0.786 level and peaked, the 1W RSI was at or slightly above 80.00 (obviously massively overbought). A strong medium-term sell/ take profit signal.
But what do you think will happen if 30k breaks? Will it rally to 50k and the 0.786 Fibonacci or pull-back and and consolidate for a multi-week period until it does so? Feel free to let us know in the comments section below!
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Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price has broken above the local downtrend line.
Let's start with the support line and as you can see the first support in the near future is $28114, if the support is broken then the next support is $27771, $27499 and $27227.
Now let's move on to the resistance line, as you can see the first resistance is $28745, if you manage to break it, the next resistance will be $29061, $29306 and $29551.
Looking at the CHOP indicator , we see that there is some energy left for further movement, the MACD indicates a return to the local uptrend, while the RSI shows a strong increase, although there is some room, it is worth being careful.
CV Labs, the heartbeat of Crypto Valley, today announced Batch_05 of its global blockchain business...
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Bitpanda ist eine der führenden Bitcoin-Börsen in Europa und hat seinen Sitz in Wien, Österreich....
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