XRP is a popular cryptocurrency that has existed for many years. In fact, this year, XRP will be celebrating its 10th birthday.
The interesting thing about XRP is that it has already proven its resiliency during bear market cycles.
From December 2013 all the way to January 2017, XRP essentially lost 95% of its value as it went from about 6 cents to being worth less than half a penny.
Back in the beginning of 2017, nobody expected XRP to ever make it back to its previous all-time high (which, at the time, was the high from December 2013 at approximately 6 cents).
From the bear market lows in 2017, however, XRP bolted up from $0.003 to $3.317, or in other words 110,466% (yes, you read that right).
The point here is not a promise that XRP will once again run more than a hundred thousand percent to the upside (this is very unlikely also seen from a market capitalization perspective), but rather that XRP is a project that has been around for almost a decade and has shown beautiful resiliency in the face of adversity (such as the SEC law case) and major market drawdowns.
What is important here in the charts from an investor-type perspective are the breaks above the green “big downtrend lines” on the monthly timeframe.
Back in 2016-2017, once the green line broke, and was held as support, that was the area from which XRP managed to absolutely catapult to the upside. We did end up wicking below the green line again, but we never closed a monthly candle below that level once we got above it.
As of right now, personally, I am looking at a very identical setup for XRP. The moment we see that XRP, on the monthly timeframe, close above the new green “big downtrend line”, is the moment I would be expecting further upside movement for XRP.
History does not have to repeat, but it can certainly rhyme.
The moment XRP closes above the new green “big downtrend line”, is the moment I will be expecting the following MACRO targets to hit:
- First, the target is the current all-time high sitting at $3.31
- Second, the target is the 1.272 Fibonacci extension coming in at $8.29
- Third, the target is the 1.618 Fibonacci extension coming in at $26.60
To me, the invalidation is also very simple. If XRP closes a monthly candle above the green “big downtrend line”, but fails to hold above it, and closes the next monthly candle back below the green “big downtrend line”, this is the moment where I would personally not look to hold my investment.
Rather, I would wait until XRP closes above this KEY monthly resistance line AGAIN, and then simply re-enter.
Good luck
BTC_Jay
