With this review, I would like to show the mechanics behind this month’s XRP pump. It took a long time for the XRP to pump. The last memorable one was in 2018 and the price reached $0.8.
Current PA is still far from what could be called “insane pump” however BTC reached ATH levels so the expectation is that other coins will do the same.
In March this year, XRP has reached $0.11 levels. Since then it started its march to the north. XRP has clearly defended a level in July. This is the chart from back then.
The blue arrow indicates the potential of how much “space” is there for the price to go up. This is actually the range between ATH and July’s pivot point. After that XRP has made a HH comparing to the swing from February 2020.
It may not be clear so let us see it on the Line chart.
Such a sequence of a Low – High – Lower Low – Higher High is something what ICT calls a Bullish Market Structure Break. This is basically a confirmation of a change in the trend. Since this is on the weekly and close to a long term lows – this is meaningful.
Further price action is a consequence of that. The price dropped to $0.24 ish in August/September, accumulated and pumped this month. It is also worth mentioning that the rejection from the HH did not break the green line i.e. $0.17500 levels. This is a confirmation that now the Market Makers do not want to allow for the price to break $0.11.
So what’s next?
This prediction is done before the week closes, so things may still change in upcoming hours. The current chart looks like this:
- XRP has reached the weekly Order Block which is defending the top of the interim price range.
- At the same time the price has made equal highs at $0.5000 level which is bullish.
- If the price gets rejected from the orange box, I would like to see consolidation around the $0.32700 level and then pump. It would be a good moment for late traders to safely jump in.
- On the other hand, there is one week left in this bullish November. The price may just smash through this resistance in one go. For this, it must keep on making these higher lows and higher highs like on the chart below.