XRP Price Under Bulls’ Control – Why Traders Are so Optimistic?

  • Vera Yurina
    📈 Price Predictions

    📉 ⏭Despite all, traders claim the bullish run is ahead for Ripple. XRP price indicators and patterns discussed in XRP price predictions from TradingView🔮 💱


XRP Price Under Bulls’ Control – Why Traders Are so Optimistic?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Although, Ripple’s XRP didn’t live up to traders’ expectations and didn’t bring much profit in the last bull run, it seems to be resistant to the downtrend that’s coming.

At least, this is what crypto experts say. Let’s see why traders remain optimistic and still believe that XRP can reach $0.5 shortly. Read Ripple price forecasts from TradingView.

XRP is preparing for bullish outcomes

XRP can touch $0.36 before the explosion

We have managed to stay at the upper trendline with the Daily candle. RSI is oversold, especially on under the Daily timeframe. On the Daily, RSI is on a neutral level (slightly oversold).

On the 4H 21EMA is crossing 50EMA to the downside, which means that we could still try to test the trendline at around 0.363$.

Generally, we are on a good way to prepping XRP for a bullish outcome. Let’s hope that we can close the weekly candle way up higher than now so that we don't get a bearish engulfing pattern on the weekly.

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The price goes down, indicators show up

Technical indicators hinting at growth

Right now, all indicators are going up while the price is going down on the 1-hour timeframe. We could see some further dipping but right now it shows there is a reversal towards the upside in play. RSI, MACD, CCI – all hint that Ripple can grow.

Also, look at the pink triangle forming: the bigger is the triangle, the bigger will be the breakout.

Volume vs Price disconnection

Where’s the price pushed by the volume?

Here’s an interesting outlook at what’s happening with Ripple market. If we take a look at BITFINEX XRP/USD, we see that we are currently sitting at around 10% of the all-time high in price.

But if we compare this to On Balance Volume we see that we are currently sitting at 75% of the all-time high, this is a massive disconnect.

On Balance, Volume measures the net inflow vs outflow of money into an asset, as we can see in the last pump that BITFINEX XRP/USD has there was a huge amount of money that came into the asset, all while price only moved a little in comparison.

What does this mean?

It means that there are some HUGE bulls buying Ripple, these same bulls do not want the price going up meaning they are in the accumulation phase.

It also means that there is not a lot of money leaving BITFINEX XRP/USD and the same can probably be said for BINANCE XRP/BTC.

Thus, if people want Ripple to go up, it will go up.

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Elliot wave 3 is coming

Watch the Elliot wave 3

On this price chart, you can see a flag and Ripple price going along Elliot wave 3. Luc-zuiderhoek offers to enter the market at $0.39650 and exit at $0.40800.  

Note that we have a small break to the downside to get the tight stop losses out of the way.

The recent rally from wave (2) low at 0.35976 unfolded as an impulse Elliot Wave structure in wave (i) in blue. According to Elliot Wave Theory, a three-wave pullback follows every impulse move before price resumes in the direction of the larger trend. This played well for Ripple this time.

The pullback also retraced 78.6% of the rally in wave (i), besides wave c of (ii) equal wave "a" in the blue box which is a common characteristic of a zigzag.

Considering that wave (ii) has met all the requirement, we could expect the price to start moving in the direction of the impulse trend in wave ( iii ).

And as long as the price stays above the minor invalidation level at 0.35976, Ripple price has the potential to reach 1.618 Fib extension of wave (i) at $0.57201 area.

Ripple price charts by TradingView

Cover image via www.123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Good times for Tron have only started: many traders start being bullish about the TRX market, and they have a ton of reasons for that. Why is TRX said to grow in the nearest 10 days? What will drive its growth? Let’s check Tron price analyses and tech indicators from tradingview users.

Ascending wedge scenario

Ascending triangle shouldn’t be broken

TRX/USD has been trading above the low $0.02 range ever since early to mid-May. Since then, an ascending broadening wedge has formed, and new highs in the $0.03 and a low $0.04 range have been seen. We have since corrected downwards from those highs.

We need another confirmation of support at the lower bound of the wedge for the sake of pattern continuation. If the pattern is validated at that point, a move up should be made to test the upper bound of the wedge at the high $0.04 to low $0.05 range. Should this happen, a test of new highs should be seen in 5 to 10 days.

If the pattern breaks below the broadening ascending wedge, TRX/USD would likely return to the low $0.02 range that it was consolidating between February and May.

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How to maximize gains?

Indicators are mostly positive

If you want to trade safely, wait until we clearly exit this descending channel. But if you want to maximize profits, look at divergences in the indicators.

RSI is not looking too overbought, so it's a good sign for buyers. And look at how the RSI is going up just now. Parabolic SAR indicator reversed a few days ago, had a pullback, but it's looking like bouncing on this support being created.

On the 4 hour chart, a nice ascending channel is forming. With last's week price action, it made a solid triple bottom. Another indicator that we should consider is the combo of Donchian channels and Tilson T3 line.

There is only one counter-argument to all these bullish indicators: Bitcoin is showing a huge Head and Shoulders, and we know that when Bitcoin collapses, alts tend to collapse as well.

Long setup for TRX/BTC

Attention on the wedge pattern

We can see that TRX/BTC is definitely set for growth.

What we can see on the 4h chart:

  • Price broke out from a descending trend line and started a Wedge Pattern formation.

  • Wedge Patterns are considered reversal structures.

  • The Wedge Pattern is supported by a major support/resistance level and the broken descending trend line.

Based on this we expect the price to continue the bullish movement towards the next resistance level at 550 satoshi.

So, how to trade TRX now?

  • Entry price: 0420

  • Stop price: 0360

  • Take Profit: 0550

If the Stop is hit, we should see if the intention of the price was to make a fake out or a bearish movement, after that we will consider whether re-entry makes sense.

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Tron is ready to go!

Tron goes in Fib’s golden ratio

Recently, we observed TRX retracing from its last impulse wave, finally settling down in this Fib channel where it has began to show signs of bubbling – right on time.

Analyzing the last impulse wave, we see that Tron is attempting to fight its way back into the Fib channel above. 7 days ago, it entered the 200% Fib Time Zone. In the past, this has been the cause for significant influence on price. We can see a strong reaction from this time zone. Morever, you see sloping downwards Fibonacci speed resistance, indicating that this is a crucial moment as Tron begins to grind against the .618 line.

Also, take a look at the Fibonacci Circles, which provide an exciting insight into the effect of time on the chart. Tron has been forced to move up as it nears ever closer to the Fib Circle's 1.618 Golden Ratio

TRX should definitely make a pop! The first take profit is 550 – 575 satoshi, the final target is 777, however, TRX has the potential to go much higher.

Tron price charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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