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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
xrp bitcoin usd btc crypto

It’s Now Or Never For XRP As Technicals Indicate Pivotal Price Action

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency news, Ripple, Technical analysis
Reading Time: 3 mins read
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XRP, the fourth-ranked cryptocurrency in the space, has been among the industry’s worst performers. Yet investors in the asset still hold out hope for a repeat of the massive pumps Ripple is known for.

Key indicators reveal that the asset has reached a pivotal moment where a decision must be made. It’s now or never for XRP, but how will the altcoin respond?

Is Ripple Finally Ready For Redemption?

Few cryptocurrencies are as polarizing as XRP. Crypto investors either love the asset, or love to hate it. It’s the butt of many jokes, the worst performing altcoin the last couple years running, and has been compared to sheep manure.

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Ripple execs notoriously sell down rallies, which has helped keep the altcoin locked in a downtrend for nearly three full years. It even lost its third-rank by market cap to a stablecoin in recent weeks.

Related Reading | Three Signs That XRP Has Finally Found It’s Bear Market Bottom

But downtrend resistance has been broken through on both USD and BTC trading pairs, yet XRP has barely reacted. Looking more closely at the long-term price charts of the asset reveals that indicators are primed for a major move.

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After a breakout of downtrend resistance, bullish chart formations, and indicators are backing up a potential explosion – how will Ripple react in the days ahead?

XRP Reaches Now Or Never Movement, According to Three Key Indicators

There’s no denying that XRP has come to a now or never moment. The conclusion of tight consolidation is due, technical analysis indicators are suggesting.

Coinciding with powerful signals from a variety of popular trading tools is a breakout from downtrend resistance. The downtrend resistance acts as the top trend line, to a massive, multi-year falling wedge pattern.

The falling wedge pattern is a cookie-cutter fractal of the previous cycle, only larger by comparison. And due to the pattern’s larger size, the resulting breakout could be that much more significant.

 xrp xrpbtc xrpusd crypto macd

Ripple MACD Weekly | Source: TradingView

Pointing to a potential breakout to the upside is the weekly MACD. The last time the MACD turned bullish on the histogram on weekly timeframes, all bets were off for bears.

Related Reading | The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock

XRP rallied over 3,000% in less than 60 days following the change in momentum.

xrp xrpbtc xrpusd crypto rsi

Ripple RSI Weekly | Source: TradingView

Further backing up the idea of a breakout to the upside, is a massive bullish divergence across the Relative Strength Index. This indicator also matches the same sort of pattern pre-breakout the last time around.

Yet another indicator, the Bollinger Bands shows just one line of defense separating XRP from another incredible surge: the mid-BB. The middle line of the Bollinger Bands is a simple moving average, and each band is a standard deviation of those bands.

xrp xrpbtc xrpusd crypto bollinger bands

Ripple Bollinger Bands Weekly | Source: TradingView

In the chart above, prior to XRP claiming the middle line, months of the bands “squeezing” can be seen ahead of the powerful explosion. The same thing is happening once again, and the asset is just below the middle-line on the Bitcoin trading pair.

If the asset can reclaim the line, and hold it, it’s the only remaining step before XRP potentially goes on a shocking rally.

Tags: Bollinger bandsMACDRippleRSIxrpXRPBTCXRPUSD
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Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

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