XRP published its third weekly formation of a hammer in history, two previous cases, leading to 2000%+ prices.
Remarkable market analyst Stef Attention Until the last development in his last analysis. I wonder what a bull comment comes In the back seat With regard to the phase on a wider crypto market, since prices indicate mass corrections.
XRP Forms Weekly Hammer Candlestick
For context, a wider crypto -market collapsed on the weekend caused Bitcoin (BTC) decline Below the psychological sign for $ 100,000. Since the BTC checked $ 91,000 on Monday, February 3, XRP observed a comparable accident, dropping to a minimum of $ 1.76 on the same day before quickly restored.
Despite the rapid recovery above $ 2, XRP was unable to restore an $ 3 mark. More recently, a market analyst and expert on the book of orders Dom Dom Evidence is presented This sudden accident of the XRP is up to $ 1.76 and a quick recovery was Not particularly natural. He mentioned this at a time when several analysts indicated market manipulations in all directions.
However, in an interesting turn, Appears this Crack Up to $ 1.76, the US dollars, and the immediate rebound led to the formation of a hammer candle in the XRP weekly diagram. Data from the diagram show that the XRP began this week at a price of $ 2.579 amid correction on weekends.
Nevertheless, a sudden fall of up to 1.76 dollars caused a massive wick, and a quick hit of the rebound ultimately led to the formation of candles of the hammer. For context, a candle for a hammer has a long lower shadow and less body, What does this suggest Buyers restored control over the market after a huge fall.
Previous hammers caused 2000%+ rallies
According to the disclosure of Stef, this current Hammer of the candlestick The third XRP watched weekly terms throughout his history. Interestingly, the latter twice the structure FormedXRP saw huge benefits shortly after.
In particular, XRP first watched this candlestick at the end of 2013. After its formation, the price recovered from a descending trend, flying away by 2128% to a new record high level of $ 0.0614.
Meanwhile, the second time that this weekly candle, formed a hammer, was in January 2017. After this structure, XRP saw cooler before recovering. However, after this recovery, prices took off, rallyed for mass 110.085% to All the time In the maximum above 3 dollars by January 2018.
The disclosure of Stef implied that the last structure of the hammer could lead to growths similar to the fact that the market observed the previous ones. Since past leads to rallies at least 2000%, comparative growth compared to the current price of $ 2.5 will lead to 52.5 US dollars, which is a new record maximum for XRP.
Nevertheless, this may not be particularly feasible, especially taking into account the current position of the XRP market and the concept of reduction in profitability. Nevertheless, even a quarter of this increase, transfer by 500%, will lead to New record of $ 15 dollarsField
