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The weekly XRP structure has rarely seemed as compressed as in the graph published this morning by independent analyst Maelius. The view extracts Bitstamp power data and applies an exponential mobile average of 50 periods (EMA) in blue, currently following approximately $ 1.78.
This XRP graph is shouting 2017
The price is perched above this dynamic support area at $ 2.25, adding 3.33% so far in the current weekly candle, and has spent the last four months to fiddle with what the analyst calls a “giga bull flag”. The flag is defined by a gradual weekly summary sequence sequence that stops just below the line of $ 3.40 and higher swings which below nearly $ 1.61, creating a convergent corner whose lower edge and EMA50 increase coincide now.
Maelius superimposes the XRP 2017 advance – on the scale of the current journal axis – to illustrate why the model is important. During the previous cycle, the token broke out vertically once the flag has been resolved, exploding prices below a dollar to a peak greater than $ 3.00 in a few weeks.
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The black scheme sketched on the right room recreated which moves and projects it forward: once the consolidation ends, the fractal implies an escape first through the $ 4 platform and finally in the two-digit territory. The “XRP 2017” label is pinned at the $ 19, the level where the composite trace rises on this overlapping.
Momentum data under the graph strengthen the comparison. The relative weekly index of relative resistance (RSI) printed two pronounced peaks in the 2017 race, separated by a flat plateau; Maelius marked these ridges “1” and “2” both on the historic section and in the current range.
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The first wave of modern cycle briefly sent RSI to the high-80 earlier this year and has since cooled around the mid-1940s, an area of ”flat” analyst nuances. An arrow then extends to the mid -90s, signaling that Maelius awaits at least one more impulse before the structure was exhausted.
From a purely technical point of view, the most immediate levels to monitor are the limit of the upper flag almost $ 2.50 and the EMA anchored support of around $ 1.80. A weekly fence above the first would finish the flag and opened the path at horizontal $ 4.40 and $ 6.00 visible on the price scale, while a decisive break below $ 1.80 would invalidate the model and leave the market pressing on the $ 1.30 cluster where EMA became higher last year.
Above all, the analyst supervises his perspectives in terms of risk: even the scenario of the “worst case” which he sketches always includes a last wave of impulse. “The worst case, there is only one impulse. Bearish, right?” He writes.
As always, traders will seek confirmation of the volume and the broader feeling of the market before treating the fractal as more than an instructive historical rhyme, but the graph clearly indicates that a single weekly candle peeling over the $ 2.50 handle could be everything you need to remind participants of the speed with which XRP has evolved in the past.
At the time of the press, XRP exchanged $ 2.23.
Star image created with slab, tradingView.com graphic
