Ripple (xRP) as a wyckoff structure
The bullish technicals for Ripple (XRP) have yet to subside. During the mid-Summer we first started writing articles and doing videos on this market because it was showing so many similarities to the BTCUSD bear market and subsequent accumulation zone. There was ample time to accumulate between 950-1050 satoshi’s and the trade is paying off nicely.
The upper pane is the XRPBTC weekly chart. There is a green candle printing this week and a bullish ema crossover that has not occurred in 15 months. This chart has nothing to do with the Wyckoff examples below it, however it does show how much potential there currently is in the marketplace. The weekly chart shows the ultimate potential of a market. Therefore when the StochRSI is oversold, the candles are printing green, and the EMA’s are bullishly crossing over it means now is the time to take the chart seriously.The next thing of importance to me is the factor of time. It has been 15 months since a bullish EMA cross and just shy of 2 years since there was a sustained uptrend with multiple green candles. Now let’s look at the Wyckoff structure.
The lower pane on the first chart is the XRPBTC daily chart. Here you can see that it looks much like the BTCUSD chart directly below it. They both look like textbook Wyckoff market structures to me, thus I will continue trading Ripple until there is confirmation of a bear trend emerging. The Wyckoff patterns on the lower pane of the second chart make me think that XRPBTC should be entering a re-accumulation zone before hopefully continuing upwards again. With all of the potential mentioned in the paragraph above a savvy trader is looking to trade these bull waves as an extended trade and not a quick in&out trade.
BTC Tip-Jar: 18BBg2dhuvxqwoH9u1sVeEwMgMqESAZ79a