Third Ever XRP Bull Signal Is Back: What To Expect
November 08 2023 - 3:03PM
NEWSBTC
XRP is trading at roughly 70 cents per token, but if a recent high
timeframe bullish crossover is just the start of the upside to
come, the cryptocurrency could be gearing up for an explosive
rally. Fishing For New All-Time Highs In XRP XRP is among a few
major cryptocurrencies that failed to set a new all-time high in
2021 above its 2018 peak. The lack of strength three years
following the still-standing price record could be due to the fact
2018 capped off a 50,000% surge. When that surge back then
happened, it occurred just as the 3-month Fisher Transform flipped
bullish. That was the first instance of the Fisher Transform
crossing bullish and it triggered alongside a breakout from a
downtrend line. Related Reading: XRP Price Historical Data Suggests
Substantial Q4 Rally Possible The second Fisher Transform 3M signal
crossed bullish from much lower, but failed to produce the same
substantial upside as the first crossover. Now the crossover is
back and it is happening at levels that match the first epic rally.
Could the third-time be the charm and produce another rally similar
to the first crossover? XRP to over $6? | SRPUSD on TradingView.com
The Possible Target Of The Triangle Thrust Considering the law of
diminishing returns, the probability of another 50,000% rally is
extremely low. However, that doesn’t mean something special
couldn’t be on the way. XRP is also breaking out from a downtrend
line and triangle pattern on the 3M timescale. The target of this
pattern based on the measure rule is an 850% rally, if the price
objective is met. This realistically puts XRP at a minimum of $6.
Related Reading: XRP Price Prediction for 2023, 2024, 2025, 2030
and Beyond Breaching the previous all-time high from 2018 could
cause any really to pick up even more steam, potentially
overshooting the pattern-based price objective. Triangles are
typical of a wave 4 according to Elliott Wave Principle, and only
appear before the final move in a sequence. Although this pattern
is bullish for XRP, after the next major rally and new all-time
high, things could get ugly. Crypto might be headed for longer
duration bear market. Tony is the author of the CoinChartist (VIP)
newsletter. Sign up for free. Follow @TonyTheBullBTC &
@coinchartist_io on Twitter. Or join the TonyTradesBTC
Telegram for daily market insights and technical analysis
education. Please note: Content is educational and should not be
considered investment advice. Featured image from Shutterstock,
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