XRP is looking very bullish now as it appears to have potentially flipped this yellow line it was struggling to get above from resistance to support after finally breaking above it and up and above the inside bar consolidation it was trapped in. This is a very bullish sign as it will now likely close abov this symmetrical triangle and trigger a nice bull break which will then put it above the top red line I have here on ym chart which is the neckline of the big inverted head and shoulder pattern it's currently forming. A bullish breakout of that inverted head and shoulder pattern will bring yet even more bullishness to xrp and if all of this continues to occur while the rest of the market heads downward then XRP could essentially cement itself permanently above ethereum as the number 2 crypto...One downside to xrps bull run happening now during a big bear dip in btc is that it could go parabolic here and reach its former peak against btc but not hit the $3.50 range if btc is this low...if it does go parabolic int hose conditions that would not be good because parabolic bull runs tend to usually retrace about 80%. Instead what would be preferred is for XRP to trigger this inverted head and shoulder pattern reach that target and then plateau and consolidate for awhile until the rest of the market flips bullish and has a chance to start catching back up a bit. That will ensure we still have room to continue up from there if it takes the time to consolidate and correct itself. Seeing as how both XRP and Stellar have recently had 1 day golden crosses I anticipate those 2 coins continuing to have bullish action while the majority of the rest of the market crashes. Of course this is just my opinion and not financial advice however so trust your own instincts. Thanks for reading.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.