@kwok_phil I love it too!! Find out who the true positive believers are!! Not only that but a good chance to get some more assets at ground floor prices .
@KingKaranCrypto@FlareNetworks Not just #xrp but soon #btc#xlm any other chain that is liquid and wants yield generating opportunities. @FlareNetworks is a forming itself to be one of the brightest, clearest diamonds ๐ in the blockchain space.
I want to talk about what is probably my favourite chart in crypto right now, and that is the $XRP.D.
This is the weekly timeframe, and there is a lot going on here, so let me explain what I am seeing.
Firstly, I believe we have completed a Wyckoff accumulation pattern. Since then, we have been in what I would describe as the sign of strength phase for quite a long period of time. We have essentially been trapped between what was support back in 2018, which then became resistance from 2019 right through to the present day, and previous resistance from 2021 that has now flipped into support.
Right now, we find ourselves sitting almost directly on top of that support level around 3.387%.
If we look at the structure itself, what we can see is a descending wedge pattern forming, which is traditionally considered a reversal pattern. At the same time, volume has been diminishing as price compresses into support.
Now, if you zoom in from the weekly to the daily timeframe, something else starts to appear. We are beginning to see an uptick in volume right on top of the support level that we have been discussing. We are also potentially setting up for a weekly bullish cross, while the RSI on the weekly has already broken the strength of its current downtrend.
There are a lot of signals here suggesting that XRP dominance could be preparing for a significant move.
And if anything close to what I am suggesting actually plays out, then the amount of capital that would need to flow into XRP to drive that move would be substantial.
When you then combine that with everything we have already discussed around XLM, tokenisation, regulatory developments, RLUSD, and the broader XRP narrative, it becomes quite easy to understand why I am excited by this setup.
I do not want to go too deep into XRP again because I have already spent a large part of this newsletter discussing it, but purely from a technical perspective, this chart looks beautiful to me.
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