Well friends, let's take a look at the sad state of Ripple. Shall we?
Looking at the four hour XRP chart, we can see that after dropping from the huge head and shoulders pattern, XRP formed a big bear flag , and has been grinding lower in a downtrend channel (maroon dashes) ever since. The most recent price action shows repeated failed attempts to rally out of the downtrend channel , as well as failures to get above the 50 EMA (in orange.)
We can see that XRP has now fallen below the 61.8% retrace, and is forming a small bearish consolidation under it. XRP is very weak, and the bears have full control of this market. With that in mind, a 7th test of the rising blue trendline seems imminent. That level is a door that XRP has kicked six times now. The 7th kick, may be the one that knocks down the door. Below the blue trendline , we have my "bear flag target," and then a wide open freefall below that. You may not realize it, but XRP is setting up (structurally) to decimate the long term holders. I'm not sure if you've seen my notorious "Will Ripple Crash To ZERO?" post (from Jan 14th) but it caused a lot of backlash from XRP permabulls and fanboys.
Since then, their positions have hemorrhaged money, and XRP has continued to grind closer and closer to my targets, which so many people scoffed at. You can see on this chart, where I first posted about the head and shoulders pattern. Since then, XRP has lost 44% of it's value, and it's poised to lose even more. Am I saying that XRP is going to zero? No. Could it happen? Most definitely, absolutely, unequivocally, 100% yes. If you think that's not possible, then you simply don't understand economics. The average crypto investor doesn't realize that this has quickly become a very different market.
Multi-billion dollar investment brokerages and hedge funds are now in this space, and they control the majority of shares. Who do you think pumped the market to all time highs? You? Haha. Think again. The probability of a 7th test of the blue trendline is very high. A break below it, is also high, given the fact that there have been so many tests. If it falls, the bear flag target will be next. If that falls, you can kiss this market goodbye. This analysis is just as accurate as the one I made 44% ago. If you want to doubt me, be my guest. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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