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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

XRP: Three Heads Are Better Than One, But Could Mean No New ATH Until 2023

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
4 mins read
xrp ripple xrpusd head and shoulders

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XRP continues to lag behind the rest of the market, but an inverse head and shoulders pattern has investors hopeful that the altcoin will soon outperform Bitcoin, Ethereum, and others finally after a period of stagnancy.

Ripple holders, however, may want to avoid getting ahead of themselves, as two other, much larger matching reversal patterns suggest new all-time highs could take until 2023 or beyond.

XRP Investors Watch For Right Shoulder To Form On Three Reversal Patterns

There’s a fierce argument taking place across the cryptocurrency space regarding Bitcoin and where the asset is in relation to its current market cycle.

According to followers of the stock-to-flow model,  the halving has such a dramatic impact on supply and demand dynamics that a new bull is due every four years. Others claim Bitcoin cycles are lengthening, and the halving isn’t all that it is cracked up to be.

And while this far along the crypto asset is pacing perfectly with past cycle trajectories, XRP could shed some light on how a lengthening cycle could play out.

XRP has struggled compared to other crypto assets, so perhaps it is not the best indicator for what might happen to Bitcoin and other assets. However, a long-term rounded bottom may be forming that points to no new peaks in the crypto market until 2023 and beyond.

Within the extended high timeframe curvature, the fourth-ranked cryptocurrency is currently forming a right shoulder on three entirely different timeframes.

The three reversal patterns and their targets line up almost too well with the rounding pattern, adding credence to theories about lengthening cycles, but also potentially confirming a lack of a new ATH in most assets until much later than most expect.

xrpusd ripple head and shoulders

XRPUSD Daily Inverse Head And Shoulders #1 | Source: TradingView

Ripple Forming Rounded Bottom, Pattern Says No New ATH Until 2024

The above chart is just the smallest of three high timeframe inverse head and shoulders taking shape in XRPUSD. The ripple-effect of the DeFi fallout has funds flowing into other altcoins not related to Ethereum.

In English, there’s an idiom that says that “two heads are better than one.” In Japanese, however, the saying is “three heads.” Rather than comparing the two heads to just one in a negative way, they compare the three heads positively with the Buddha of Transcendent Wisdom, a blog on the subject explains.

“This deity wields a flaming sword of wisdom that slices and dices through ignorance and hypocrisy,” it continues.

xrpusd ripple head and shoulders weekly

XRPUSD Weekly Inverse Head And Shoulders #2| Source: TradingView

XRP investors watching only daily timeframes may be ignoring another higher timeframe head and shoulders that warrants more patience. The weekly chart also is potentially waiting to complete yet another right shoulder on an even larger, inverse head and shoulders pattern beginning with a breakdown of support from mid-2019.

The head in this scenario was formed with Black Thursday and the nearly six months it took to get back to the February high. Zooming out further creates an Inception-like situation, where yet another, larger, higher timeframe inverse head and shoulders pattern dominates the entire bear market worth of price action, grinding along a rounding bottom pattern that points to no new all-time highs for quite some time.

xrpusd ripple head and shoulders monthly

XRPUSD Monthly Inverse Head And Shoulders #3| Source: TradingView

Each inverse head and shoulders pattern starting from the smallest timeframes up will create and complete the right shoulder that would bring Ripple investors some much-needed redemption. The monthly timeframe shows an even larger head and shoulders pattern with a target of $2.50.

Because that target is still below the previous peak, and due to the ongoing curvature that’s contained all monthly candle closes thus far throughout the bear market, there may be no new all-time high until 2023 or later.

xrp rounded bottom

Ripple Monthly Rounded Bottom | Source: TradingView

The rounding bottom and top support and resistance channel, has kept over 18 different monthly candle closes held within its barriers, and could very well continue to do so for several more years.

If this is the case, it is not necessarily bad for Ripple, but it would mean that new all-time highs are a lot further off than most crypto investors are prepared to hold for.

Featured image by Deposit Photos, Charts from TradingView
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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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