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XRP- Ranging for accumulation?
Hello traders!
In the last time big thoughts wondering whether the crypto market has bottomed or not. Different scenarios are still in place, however we want to point out the possibility of a new cycle to the upside for XRP.
As you can see from the main chart, xrp has been ranging between the yellow zones for months, near to the POC.
For very volatile assets as cryptos, logarithmic chart can sometimes clarify the situation. Since logarithm is an increasing function, it preserve monotinicity(so if A>B, then log(A)>log(B)) and does not alter the wave structure of the market.
Here is the logarithmic chart of xrp. This chart shows an impulse followed by a bullish flag and it looks like a 1-2-i-ii Elliott Wave pattern.
We therefore believe that there is thee possibility of xrp currently ranging in accumulation before a significant move higher.
We plan to buy at the bottom of the lower bound, or in case of a breakout and retest of the upper bound of the range.
We will update below.
GMR
In the last time big thoughts wondering whether the crypto market has bottomed or not. Different scenarios are still in place, however we want to point out the possibility of a new cycle to the upside for XRP.
As you can see from the main chart, xrp has been ranging between the yellow zones for months, near to the POC.
For very volatile assets as cryptos, logarithmic chart can sometimes clarify the situation. Since logarithm is an increasing function, it preserve monotinicity(so if A>B, then log(A)>log(B)) and does not alter the wave structure of the market.
Here is the logarithmic chart of xrp. This chart shows an impulse followed by a bullish flag and it looks like a 1-2-i-ii Elliott Wave pattern.
We therefore believe that there is thee possibility of xrp currently ranging in accumulation before a significant move higher.
We plan to buy at the bottom of the lower bound, or in case of a breakout and retest of the upper bound of the range.
We will update below.
GMR
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