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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

Weekly Cloud Indicator: XRP May Rain Down Pain On Ripple Investors

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
xrp ripple ichimoku cloud

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Weeks ago, XRP outperformed the rest of the market, surprising Ripple investors and other crypto holders alike. A recovery looked to be in full effect, but the altcoin has since fallen back to the bottom of weekly cloud support where bulls are trying to hold.

If the cryptocurrency loses cloud support on weekly timeframes, it could rain down a storm of pain on XRP investors who have already sustained so much frustration in the last few years.

XRP Ready To Fall Out Of Cloud Support, Storm Of Pain Could Strike Holders

XRP finally showed investors a glimmer of hope that after a brutal trend of deeper lows and general stagnancy compared to the rest of the space, by beating the rest of majors about a month ago in week-over-week returns.

Since then, the cryptocurrency has once again been hovering at around $0.25 per token, which is roughly the median price throughout all of 2020.

Related Reading | Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum

Ripple appears to be going nowhere fast. The latest slow grind down is now potentially forecasting a storm ahead, and unless weekly cloud support holds, pain could soon rain down even harder on XRP investors.

xrp ripple ichimoku cloud

XRPUSD Weekly Ichimoku Cloud Support Holding | Source: TradingView

Ichimoku: The “At A Glance” Indicator That’s More Than Meets The Eye

XRP us currently holding the bottom of weekly cloud support, and losing it could spell a storm ahead.

However, the Ichimoku indicator, which loosely translates to “at a glance,” is actually more than meets the eye.

The indicator was designed by a Japanese journalist to provide a quick look at the bigger picture of the overall market, which is why the tool features so many different tools and lines.

The cloud is just one of many ways to read the Ichimoku. Support and resistance, for example, is also found by looking at the chikou span. The chikou span lags behind price action, showing there historical support and resistance lies, making it a logical place to act as such in present price action.

Related Reading | Why XRP’s Waning Momentum May Be The Calm Before The Storm Surge

Ichimoku looks forward just as much as it looks back, and the cloud is currently flipping green, suggesting future bullish price action on weekly timeframes.

Yet another sign that XRP will hold strong and instead surge higher, is the fact that the tenkan-sen is above the kijun-sen, signalling bullish price action.

On weekly timeframes, the bearish crossover indicated by the red “X” marks the first bearish crossover that brought about the bear market. Is this first weekly bullish counterpart, triggered just weeks ago, a sign that Ripple will hold just find at the cloud, and target the stars and moon next?

Featured image from Deposit Photos, Charts by 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.

Read more

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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