XRP: The Most Beautiful Long Term Crypto Chart Of 2023
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It is starting: a major move in XRP. It can start any moment as of now. Today’s alert in our crypto investing research service has very detailed XRP charts with detailed readings, and must-see XRP charts (available in the restricted area for any new or existing member). Our XRP forecast 2023 is likely underway.
We pick out one specific XRP chart (source: today’s research note to premium members). It is the weekly chart that shows the long term XRP price structure.
The weekly XRP chart has a very simple structure: a W reversal. More importantly, it has all the characteristics of a ‘perfect W reversal’.
What does that mean: a ‘perfect W reversal’? Chart-wise, it is a long basing pattern with a higher low in the right part of the W structure. That’s the analyst viewpoint, less relevant for the investor. What really, really matters to investors it the outcome of the pattern (read: upside potential).
Any ‘perfect W reversal’ has a tremendous upside potential, especially if it’s a long (wide) pattern. The longer the basing pattern, the more power the market is able to develop once the move higher starts.
The upside potential is much higher than the 2021 highs, potentially. A W reversal tends to move to the initial highs. IF and WHEN it’s able to exceed those initial highs, the sky becomes the limit.
Astute readers might argue that a 5-year basing pattern is not very long, consequently the upside potential of XRP is contained. We thoroughly disagree with that argument. That’s because there is no other cryptocurrency that has a 5 year basing pattern, similar to the one of XRP.
The general rule of the thumb is that crypto, being the most volatility asset class in history of markets, is moving 10x faster than broad markets. That’s why a 5-year consolidation, like the one of XRP, translates to a few decades when compared to traditional stocks.
Interestingly, if we look at the long term structure, not any other crypto chart looks as strong as the one of XRP.
(Click on image to enlarge)
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