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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple Reclaims Downtrend Resistance As Support With Bullish XRP Weekly Close

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read

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XRP, the native cryptocurrency to the Ripple protocol, has struggled throughout the bear market. The number three crypto by market cap has lagged behind most other altcoins in recovering from the most extreme lows.

That all soon could change, after last night’s weekly close may have confirmed downtrend resistance as support. It also may confirm a breakout of a bullish continuation pattern.

Ripple Breaks Free From Downtrend Resistance After Black Thursday False Breakout Rejection

Compared to the rest of the crypto space, XRP has been among the worst-performing assets two years running. After an enormously bullish impulse that rocketed the asset from under a penny to over $3.50 per token, Ripple had some of the most to fall.

Fall it did. By over 90% to under ten cents per token at the most recent, Black Thursday-driven low.

Related Reading | Crippled: XRP Prints Fresh Low After Nearly a Year of Consolidation 

Ahead of the massive Black Thursday market collapse, XRP had broken out from downtrend resistance. The catastrophic selloff that crushed the stock market and Bitcoin, smashed XRP right through that resistance, and back into the downtrend.

However, alongside Bitcoin’s pre-halving rally, XRP has managed to escape the clutches of bears again and broke back out from resistance.

xrp ripple xrpusd xrpbtc falling wedge

The selloff on late Saturday night pushed the price of top cryptocurrencies back down, but XRP managed to close last night’s weekly candle above resistance, potentially confirming it as support.

If this support can hold, Ripple could finally stage a powerful recovery.

XRP Bullish Factors: ABCDE Correction Complete, Falling Wedge Fractal Suggests Continuation Soon

The third-ranked crypto asset has also formed a fractal that looks eerily similar to the previous consolidation period, just before Ripple made an over 60,000%, year-long advance.

Both structures have formed what appears to be a falling wedge, which can act as a bullish continuation pattern. Each major structure also had an ABCDE correction within its boundaries. And each had a false breakout and false breakdown before the final breakout.

xrp ripple xrpusd xrpbtc falling wedge

During a downtrend, bullish wedges act as reversals. But within a dominant prior uptrend, falling wedges also act as a continuation pattern.

Related Reading | Ready For Liftoff: Two-Year Downtrend Breakout Could Lead to $14 XRP 

XRP is a bit of mixed bag, coming out of a two-year downtrend that was preceded by a powerful, dominant uptrend that results in a 60,000% rise. A similar percentage rise would take XRP to over $110, however, given what that would do to the asset’s market cap, that figure is highly improbable.

Still, it did happen in the past, and can at the very least demonstrate just how powerful any XRP rally may be, should a bullish Ripple-effect begin starting with the weekly close confirming a two-year-long trend line as support.

Featured image from Pixabay
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Reason to trust

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