Hi friends! Welcome to this chart masterpiece analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that I have several notes here, that highlight a repetitive pattern that I've noticed. I'd like to walk you through this repetition, starting from the left side of the chart. You can see that on 1/28, a peak was formed. From there, we fell into a bear flag (Flag 1), which produced another bear flag (flag 2), which produced a corrective move into a short-term bottom. Then, a bull flag was created, which produced an impressive surge into the 200 EMA (in purple.)
Then, XRP traded sideways for a while, until it formed another peak on 3/5. From there, XRP has created essentially the exact same pattern. You can see that there was another combination of two bear flags, that sent XRP into a bottom, which immediately reversed into a bull flag. Hands down, that is the EXACT same pattern. So, now we wait for a breakout above the bull flag, and from there, we can expect a retest of the 200 EMA, which would complete the pattern.
As you can see, the full scale projection of the bull flag extends above both the 200 EMA and the 78.6% retrace, so there is plenty of bullish potential to fulfill the rest of this pattern. Now, it's just a matter of waiting for the breakout. Inside of the current bull flag, you can see that the 50 EMA (in orange) is passing through it, and we are currently below that level. Looking back through the chart, you can also see how resistive the 50 EMA has been. So, there is a potential that this flag could actually fail, due to the resistance of the 50 EMA. That's a notable difference between the two patterns, and that's why it's very important to wait for the breakout.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Hi, Is the a major bear flag forming on the daily chart?
Paymedouble
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@justforex, anyone who ends their sentence with au revoir should be questioned ;)
StaniecLukasz
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I want to believe in this flag alongside the others showing up in ETH and BTC, however this just feels like a bull trap.
Albeit, this one in my opinion seems like a better setup, if it drifts lower in the next day or so... then we know lol.
Kevin098
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Thank you for your analysis on XRP. Not only do I enjoy reading it but I always enjoy reading the comments from all the people you piss off. It makes my day!!! Keep up the good work, I will keep following you on trading view and twitter. Thx.
@JulienBattaglia, Hi just saw this im fighting a very bad cold! Thanks for this - what most dont understand is that the Ripple platform ( used by banks etc ) has little to nothing to do with the coin itself. Good luck.
MagicPoopCannon
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@london55555, I'd be willing to bet you an enormous amount of money, that XRP touches the 200 EMA, before 0.30. I do think that the overall prognosis of XRP is bearish, and 0.30 could eventually happen, but the odds of it happening in the time and place that I have focused this analysis, is slim to none. I know that, and you know that, but you've decided to drop a condescending BS comment anyway. Now how about that bet?