- XRP is a very weak coin this year, and this trend will probably continue for another year. I’ll tell you why.
- During the bull market in 2020–2021, XRP failed to print an impulsive wave and also failed to make a new all-time high. Instead of an impulsive structure, we have an ABC correction.
- This tells us that the bulls are not strong enough yet to push the price higher and that the bears remain in full control.
- I think XRP will experience a massive uptrend on the weekly chart, but we still need to be patient and wait for the opportunity that should come later in 2023–2024.
- As per my analysis, this structure is absolutely incomplete, and that’s why I expect another down-trend.
- The chart printed a symmetrical triangle on the weekly chart that broke down. Symmetrical triangles on weekly timeframes are especially powerful, and it usually requires more time for the bulls to regain strength again.
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.