Here are my thoughts about where XRP is going next.
The initial idea I have published last year got delayed due to the SEC irresponsible and soon to be proben wrong actions. Nevertheless, the chart still looks bullish respecting the initial EW count expecting to see the 3rd one to continue in a very explosive move. After the initial move to $0.75 - $0.80 area back in December the MACD had reset to zero and there's a lot of room to the upside. The price of XRP has been consolidating for about three months in the $0.25 - $0.60 area and a second attempt to break the $0.75 - $0.80. Once the break will happen, then we will see a rapid move to $1.25 - $1.35 and a continuation toward the ATH and past that. Personally I am expecting XRP to top EW 3 around the $13 - $14 area , followed by a corrective wave 4 and a then a flow off top around $20 -$22.
As we are looking at the weekly chart, one can argue that the price has been consolidating now for the past three and a half years since the $3.80 ATH and usually, the longer the consolidation lasts, the more violent the breakout will be.
As always, good luck and make sure you don't over invest in any markets and you are comfortable with the risks taken. My ideas are not investment advice but only my opinions and analysis on these charts.
I'm looking at the chart and I have to agree - it does look like it's coiling up for a big bounce!
Nortec00
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CB: As you say, many other factor can skew this idea From point 2 to 3 is a big ( to big in my opinion) Fib Jump. Profit taking would kick in before. Best of luck.
cbistriceanu
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@Nortec00 Hey Nortec, this is a weekly chart so there will be a lot of profit taking along the way. My price targets are very conservative though. If you’d compare the big moves XRP has done in 2017 aprox 33,000% that year and if the same would happen again...the price should go to $190. Now that would be way too crazy and much for me TBH so keeping it sensible at $14-$15 with a possible top around $20-$22 is more reasonable.
Nortec00
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@cbistriceanu. It looks like I am more conservative than you then. I base myself on fib movements and the phycology of the market. As you say the SEC will end up in fines or maybe dismissal. I like your numbers better than mine. Best of luck.
xcellentjoseph
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fine analysis... however could you predict how long it would take before XRP blow out? just an assumption though.
cbistriceanu
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@xcellentjoseph Timing the market is almost impossible. If I were to venture s guess, I’d say that we should see some big move to the upside in the next two months.