Updated: Jun 25, 2022
Hi there all! We are finally together in a platform that all belongs to us :) If you would have asked me 2 years back, I wouldn't have thought that we grow this much. But, remember the huge power of thoughts!
Let's focus on XRP on monthly basis and check the indicators. XRP currently is in correction (ABC Wave) in monthly basis. This indicates that side action can continue for a while. However, the daily and weekly Chart Indicators are in oversold area which will bring XRP price to $0.66. What will happen when this huge correction is over? Current correction is forming the initial structure for XRP bull run during 2017 and 2018. Same pattern can put XRP price to $100+
SEC LAWSUIT and the PRICE CORRELATION
It has been a very long time since XRP is struggling with the SEC Lawsuit and we all know the price is under high pressure. Although XRP dramatically went down after the lawsuit was placed, we had seen a great surge towards $1.966. Many of you can ask how was it then possible? Well, XRP is not only sold in the US but around the world. 10% of the total XRP circulating is in the US and that is the main cause. The locomotive of the supporters of XRP are including but are not limited to England, Japan, Canada, UAE and etc. Therefore the price surges are not only dependent on the US but the world. The countries see XRP's capabilities of solving the problems in liquidity, interoperability, safety and rapid settlement along with sustainability having huge respect for our environment.
Considering the capabilities of XRP mentioned above, I believe within the end of 2022 or early 2023 the case will be settled in favour of Ripple & XRP by having the first regulatory clarity in the US Market. This would contribute an immense impact on prices worldwide therefore needed. The World without US market clarity is deficient. Yesterday we have observed that SEC unfortunately still mumbling about the Dir. Hinman's speech. I am confident that Judge Netburn understood that people are hurt and this needs to be fixed at their earliest.
XRP Analysis on Monthly Candles
As you well know XRP has broken the multi year trend downwards and continued her correction. This huge correction is about to end and XRP will form the first wave in monthly charts.
Both historical patterns coffee cup patterns indicate XRP to jump towards $13 between $100 within the next cycle.
Monthly wave trend indicates XRP correction is in play. Although the indication is down, XRP can make moves as weekly and daily indicators are positive!.
As it can be seen below, Weekly wave trend is in the oversold area. This indicates we can see XRP climbing towards $0.66
Daily wave trend is above oversold area. As clearly seen below, the green signal is in play which supports our weekly chart scenario and supports $0.66 case.
Weekly Relative Strength Index (RSI) Chart
Weekly RSI is almost at the lowest level since 2015. It is crystal clear that the correction is almost over for the weekly charts.