Nov 22, 2020: XRPUSD Review

by | Nov 22, 2020

Disclaimer: Posts on the HyperTrader blog and associated HyperLinq websites are for educational and informational purposes only. These posts should not be taken as financial advice, nor are they meant to be viewed as trading advice. HyperLinq Inc. or the authors take no responsibility for any damages or losses.

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.

XRP defends the level on a weekly

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.

A Higher High made in August 2020

It may not be clear so let us see it on the Line chart.

A higher high made in August 2020.

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:

The chart as of 22/11
  • 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.
Founder & CEO at HyperLinq Inc.
Founder & CEO at HyperLinq Inc.

What are Airdrop Scams and How to Stay Safe?

What are Airdrop Scams and How to stay safe from them?

Top 5 NFT Marketplaces – Ethereum, Solana & Terra

Top 5 NFT marketplaces across the blockchain networks of Ethereum, Solana, and Terra.

What are Zero Knowledge Proofs?

In this blog post, I try to explain the concept of zero-knowledge proofs in a simplest possible language.

Top 5 Play2Earn NFT Games

What are play2earn games and the top 5 play2earn NFT games?

Top 5 DeFi Aggregators

What do you mean by a DeFi aggregator and what are the top 5 DeFi aggregators?

What are LP (Liquidity Provider) Tokens?

What are LP tokens and how do they benefit the DeFi ecosystem and facilitate yield farming opportunities?

What’s a Multisig Contract?

A layman’s guide to understanding multisig contract.

Understanding Decentralized Storage Networks

A layman’s guide to understanding decentralized storage networks

Understanding Impermanent Loss

A layman’s guide to understanding and calculating impermanent loss in DeFi?

A Guide to Elastic Supply Tokens

What are elastic supply tokens? Let’s find out.

What are Airdrop Scams and How to Stay Safe?

What are Airdrop Scams and How to stay safe from them?

Top 5 NFT Marketplaces – Ethereum, Solana & Terra

Top 5 NFT marketplaces across the blockchain networks of Ethereum, Solana, and Terra.

What are Zero Knowledge Proofs?

In this blog post, I try to explain the concept of zero-knowledge proofs in a simplest possible language.

Top 5 Play2Earn NFT Games

What are play2earn games and the top 5 play2earn NFT games?

Top 5 DeFi Aggregators

What do you mean by a DeFi aggregator and what are the top 5 DeFi aggregators?

What are LP (Liquidity Provider) Tokens?

What are LP tokens and how do they benefit the DeFi ecosystem and facilitate yield farming opportunities?

What’s a Multisig Contract?

A layman’s guide to understanding multisig contract.

Understanding Decentralized Storage Networks

A layman’s guide to understanding decentralized storage networks

Understanding Impermanent Loss

A layman’s guide to understanding and calculating impermanent loss in DeFi?

A Guide to Elastic Supply Tokens

What are elastic supply tokens? Let’s find out.

%d bloggers like this: