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✴️ XRP Straight Up Or Deep Correction? (Quick Answer)

By AlanSantana
Updated
This is an instance where we can apply our main Altcoins market rule: What one does, the rest follows.

We can see Compound (COMPUSD) moving forward and hitting new highs. No corrections so far, retraces lasting 1-2 days.

Based on this, we can expect the same for XRPUSD.

XRPUSD to continue straight up with small retraces.

Hit like if you agree.
& follow for more.

Namaste.
Note
Here I added the Fib. retracement level to this chart and marked these support with blue. I understand the theory about going up strong must come down, but chart reading doesn't work that way.

snapshot

As long as XRPUSD trades above the blue dashed line, the bias is ultra-bullish and aims higher.

Only if it breaks below support we can change our view.
If it goes below support it turns bearish.

So far, it has been holding above support which is a signal of strength.

Normally when a crash/sudden drop is set to happen after a bullish breakout, it happens instantly, almost right away, so far here this is not the case.

Things can always change, but I am saying what the chart is saying...

Namaste.
Note
Still bullish. Same conditions apply as in the previous comment update.
As long as the short-term support holds, XRPUSD has a bullish bias.

This can be considered consolidation.
The longer the consolidation, the stronger the pair becomes.
Note
It has been 8 days since I initially shared this chart and the price of XRP stays the same, this is a signal of strength.

snapshot

There is always the possibility of a drop but there is also always the possibility of a fresh price increase, so instead of guessing which way it can/will go, we can focus on the chart.

As long as XRPUSD trades above EMA10 (0.73382) and Fib. retracement support (0.68763) the short-term bullish bias remains strong, valid and active.

If price action moves below these levels, the chart conditions change but remain strongly bullish nonetheless.

The market continues moving, many Altcoins growing 2-3 digits everyday. This is a positive signal, it would be worrisome if we saw other Altcoins moving lower and hitting new lows, it would indicate that this consolidation would produce the same result. Instead, TRX just broke up, LINK moved up and many of the smaller pairs, this is good news and tells us that the ones consolidating are very likely to resume growing once consolidation ends.

The biggest positive signal of all is the price being really strong.

When a crash is going to happen, when correction time comes, it happens fast and right after the peak is hit, here instead we see bullish consolidation and nobody wants to sell, it seems.

Notice the big candle 13-July, the next candle will be something like this... Patience is key.

Namaste.
Note
Positive news like this one below can be bullish for Ripple's XRP, this can bolster the market.

Ripple applies for crypto license in the United Kingdom
Source: tradingview.com/news/cointelegraph:5a8c84206094b:0-ripple-applies-for-crypto-license-in-the-united-kingdom/
Trade closed: stop reached
Bears were right... Everything is about to crash.

Good luck to you.
It was a nice ride...

Namaste.
Note
Chart technicals continue the same.
XRPUSD continues trading above short-term support which in turn is a bullish signal.

XRPUSD being bullish, together with Compound, TRX and the rest works as a bullish signal for the entire Cryptocurrency market.

Even if a retrace does happen, the bullish bias continues 100% valid, active.
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