Historic Week For $XRP

John

Welcome, everyone, to another thrilling episode of The Weekly Insight! I'm John, and today we're diving into one of the most historic weeks for $XRP. We've seen XRP closing multiple daily candles and a three-day candle above any previous close in its history. If the weekly candle closes as expected, it would be the highest ever. Joining me is Tom, and we're going to break this down in detail. So, let's get started! What’s your take on this, Tom?

Tom

Wow, what a week! The momentum is really picking up. I'm curious, what’s driving this surge in XRP? Is it just technical, or are there other factors at play?

speaker1

Great question! The surge in XRP is a combination of technical and fundamental factors. On the technical side, the RSI is in the overbought area, which typically signals strong momentum. The Stochastic RSI is also rising from the oversold area, suggesting more upside potential. Fundamentally, recent developments in the U.S., such as the potential inclusion of American-based cryptos in a crypto reserve and the talk of no capital gains tax for American-based cryptos, are adding fuel to this move. It's a perfect storm of positive factors.

speaker2

That’s fascinating. Can you walk us through the Ethereum/XRP chart and how it's acting as a pre-indicator for this run?

speaker1

Absolutely. The Ethereum/XRP chart has been a key pre-indicator during this crypto run. On the three-day chart, we can see XRP potentially in its five-wave move to the upside, using Elliott Wave Theory. We’re in the extended third wave, which is often the most aggressive. After completing a Wyckoff accumulation bottom structure with a liquidity grab or spring phase, we came back to retest as Wave 2. Now, within Wave 3, the first wave has taken us to the last point of support and the top of the range for XRP vs. ETH. The second wave is the sign of strength phase, and now we’re pushing out of this Wyckoff accumulation zone and up in the third of the third for a more aggressive push. We could potentially take out ETH/XRP all-time highs on this wave alone.

speaker2

Wow, that’s a lot of technical jargon. Can you explain it in simpler terms for our listeners who might be new to this?

speaker1

Sure thing! In simpler terms, the Ethereum/XRP chart is showing that XRP is on a strong upward trend. It's like a race where XRP is gaining speed and is now in the lead. The chart suggests that XRP could potentially reach new all-time highs against Ethereum, which is a significant milestone. This is a sign that XRP is performing exceptionally well and could continue to do so.

speaker2

That makes a lot more sense. Let’s move on to the XRP/Bitcoin chart. How does that look, and what does it tell us about XRP’s potential?

speaker1

The XRP/Bitcoin chart on the weekly timeframe is also very promising. XRP has confirmed a break of a descending trendline after seven years of accumulating below it. Previously, a break of a three-year descending trendline resulted in a 5,400% move to the upside. While we don’t know if a seven-year trendline break will yield a proportionately larger move, a clear break above the current resistance level could lead to a significant rally. If we surpass this resistance, I’d expect a swift move to the next resistance level, which, although it might not seem substantial on the chart, is actually quite significant in percentage terms. Breaking the current gray level could mean a further 118% gain against Bitcoin. A move from where we are now to all-time highs against Bitcoin would still represent a 666% gain, potentially putting XRP in the $20+ range.

speaker2

That’s incredible! So, XRP has the potential to reach $20+? That’s a massive gain. How does this compare to the 2017 fractal you mentioned?

speaker1

Exactly, the potential is huge. Now, let’s talk about the 2017 fractal. XRP is still following the 2017 fractal we mentioned a few weeks ago. It has broken out of the bullish pennant it was forming this week, right on time. If we continue to follow this pattern—and it’s a big 'if,' so take it with a grain of salt—we could see XRP reaching up towards $10 as early as February 6th. This fractal is a historical pattern that XRP is currently mirroring, and if it continues, it could mean big things for XRP’s price.

speaker2

That’s really intriguing. What are your thoughts on XRP’s potential to flip Ethereum in market cap at some point this cycle?

speaker1

It’s definitely a possibility. The recent developments in the U.S. and the strong technicals we’re seeing suggest that XRP could have a significant market cap increase. The potential inclusion of American-based cryptos in a crypto reserve and the talk of no capital gains tax for American-based cryptos are major positive factors. If these developments come to fruition, it could give XRP the boost it needs to challenge Ethereum’s market cap. It’s an ambitious target, but the fundamentals and technicals are aligning in XRP’s favor.

speaker2

That’s really exciting! What about the impact of recent U.S. developments on XRP’s momentum? How are they influencing the market?

speaker1

The recent U.S. developments are having a significant impact on XRP’s momentum. The potential inclusion of American-based cryptos in a crypto reserve and the talk of no capital gains tax for American-based cryptos are major positive factors. These developments could attract more institutional investors and retail investors to XRP, driving up demand and, consequently, the price. It’s a perfect storm of positive news that is fueling the current upward trend.

speaker2

That’s really interesting. Can you share some insights on the technical analysis of XRP? What are the key indicators to watch?

speaker1

Certainly! The key indicators to watch for XRP include the RSI and Stochastic RSI, as we discussed earlier. The RSI being in the overbought area suggests strong momentum, while the Stochastic RSI rising from the oversold area indicates potential upside. Additionally, the Elliott Wave Theory and Wyckoff accumulation zones are crucial for understanding the long-term trend. The three-day and weekly charts are particularly important, as they provide a broader view of the market dynamics. Keeping an eye on these indicators will help you gauge the strength of the current trend and potential reversals.

speaker2

Thanks for breaking that down. What about XRP’s role in the broader crypto market? How does it compare to other altcoins?

speaker1

XRP’s role in the broader crypto market is unique. It’s often seen as a bridge currency, facilitating fast and low-cost transactions. This makes it particularly appealing for cross-border payments and remittances. Compared to other altcoins, XRP has a strong focus on institutional adoption and real-world use cases. While many altcoins are more speculative, XRP has a solid foundation in the financial industry, which gives it a unique edge. This, combined with the strong technicals and positive developments, makes XRP a compelling investment opportunity.

speaker2

That’s really insightful. What about the meme coins associated with XRP? Are there any worth keeping an eye on?

speaker1

Absolutely! XRP meme coins, like $XRP memes, have been performing well as XRP appreciates. These meme coins often piggyback on the success of XRP, and they can offer significant gains for those willing to take on a bit more risk. However, it’s important to do your own research and be cautious, as meme coins can be highly volatile. Some other altcoins to keep on your radar include $PEPE, which looks like $BTC on steroids, and $CELO, which is transitioning to an L2 and could start gaining serious momentum. Diversification is key, so consider spreading your investments across different assets.

speaker2

Thanks for the advice. Finally, what’s your outlook for XRP’s future? Where do you see it heading in the next few months?

speaker1

My outlook for XRP is very positive. The current technicals and fundamental factors suggest that XRP could continue its upward trend. The potential to reach $10 by February 6th, as suggested by the 2017 fractal, is a significant milestone. If XRP continues to perform as it has been, it could reach even higher levels. The key will be to watch for any major developments in the U.S. and the global crypto market. Overall, XRP is in a strong position, and I’m bullish on its future. Thanks for joining me today, Tom, and thanks to all our listeners for tuning in!

speaker2

Thank you, John! It’s been an incredible episode. Don’t forget to subscribe to The Weekly Insight for more insights and updates. Until next time, stay tuned and stay invested!