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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP Bullish Trend Strengthens, Why A Breakout Could Be Just Weeks Away

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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The number sixth ranked cryptocurrency by market cap, XRP, is showing signs of a strengthening bullish trend according to a technical indicator designed to measure the underlying power behind price movements. 

Historically, when a particular signal appears on the monthly timeframe, a breakout occurs and sends the coin soaring higher. 

XRP Trend Strength Rises Above Key Level As Bulls Get Bold

XRP is still stuck at the center of a legal battle with the SEC, but technicals are potentially pointing toward a positive outcome in the case. That is according the Average Directional Index, which shows a strengthening bullish trend on weekly timeframe. 

The ADX was created by J. Welles Wilder, Jr. who also developed the Relative Strength Index, Parabolic SAR, and Average True Range. It was designed to gauge trend strength. 

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A reading above 20 indicates a growing trend, while a reading below the level suggests a lack of a clear trend. When readings reach 50 or higher, a trend is strong but possibly becoming overextended. XRP weekly charts are currently at 25 and marching higher. 

XRP

The trend is getting stronger by the week | XRPUSD on TradingView.com

Getting Directions From The Crypto Market On What’s Ahead

The ADX uses two other indicators in its calculation: the positive directional indicator and negative directional indicator. If the +DI is above the -DI then the market is bullish and vice versa. 

In the image above, the +DI is above the -DI highlighting that bulls are in control on the weekly timeframe. The same is true on monthly timeframes, yet the largest moves in XRP arrive when the +DI rises above the ADX itself. 

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The ADX takes both the -DI and +DI and combines them, then smoothes the results. As such, the stronger the +DI becomes, the more it influences the ADX to increase. Could a growing weekly trend and ADX help give the monthly +DI that it needs?

If the monthly DI+ can spike above the ADX, #XRP will have one hell of a run pic.twitter.com/rzb4iTpvDK

— Tony “The Bull” (@tonythebullBTC) June 14, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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