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xrpusd xrp ripple crypto buy signal flashes
Nexo Logo

XRP Flashes Buy Signal At Bottom Of Potential Falling Wedge Pattern, Breakout Imminent

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Ripple, Technical analysis
Reading Time: 3 mins read
Advertisement

From the August monthly open to the high, XRP recorded nearly 25% gains on the month. Unfortunately for Ripple investors hoping for a new bull run, the altcoin was only able to hold onto just 1% of that as of the time of this writing.

But while things may look bleak for XRP’s recent rally, a buy signal has just flashed at the bottom of what appears to be a falling wedge chart pattern. This could signal a reversal is coming, and a breakout is imminent.

The 2020 Altcoin Market Recovery Leaves Ripple Investors Wanting More

The crypto market cap in 2020 was up nearly 100% at the high, prompting search terms for “buy crypto” to reach the highest level since the 2017 bubble. Ripple is also showing the most strength in its price action since then.

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After three years of a downtrend, altcoins are finally recovering. Bitcoin is trading at well above 50% from its former all-time high. Meanwhile, other top-ranked crypto assets like Ethereum and XRP are still down significantly.

Related Reading | Buy Crypto: Search Term Spikes To Highest Point Since Bitcoin Bubble

Ripple, for example, is trading below 30 cents. The altcoin’s former all-time high is well over $3. This means Ripple remains more than 90% down from its peak.

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But after two full years of being the worst crypto market performer, the altcoin has finally begun to recover. The recovery has thus far sustained longer than past attempts, and although XRP has since lost much of the month’s gains, the rally may not be over yet.

xrpusd xrp ripple td 9 buy

XRPUSD Daily TD Sequential 9 Buy Setup | Source: TradingView

XRP Flashes TD 9 Buy Setup, Possibly Providing Momentum For Falling Wedge Breakout

Ripple’s 2020 recovery alongside the rest of the altcoin market, majors and small-caps included, could keep on going despite a recent pullback.

Nearly all of August’s gains have been erased, but XRP still has a strong July behind it.

Related Reading | Analyst: The “Real” Altcoin Party Begins In Early 2021

With only days remaining in August, if prices remain at current levels, the monthly candle will close as a doji – signaling indecision. Doji can form at the top, but also can appear ahead of continuation.

On daily timeframes, as pictured above, the TD Sequential indicator has perfected a buy setup in XRPUSD.

Coinciding with the potential reversal signal, the 9-count was reached just as XRP touched the bottom trendline of a falling wedge chart pattern.

ripple xrpusd xrp falling wedge

XRPUSD Daily Falling Wedge Continuation Pattern | Source: TradingView

Falling wedges can act as both reversal or continuation patterns, and are typically bullish patterns. Breakdowns from these patterns get especially violent, but the TD 9 buy setup implies upside ahead.

XRP’s 2020 rally may not be over, but a larger pullback will take place eventually. Whether that is now, or later on, is anyone’s guess. However, with crypto analysts expecting the real altcoin party to start in 2021, even if XRP dips, it could be time to buy.

Tags: altcoinchart patterncryptofalling wedgeRippleTD SequentialxrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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