Ripple (XRP) August 2023 (Public Version)

Kapproveb Alcyone
Jul 8, 2023
3 min read

Updated: Jul 24, 2023

Month’s Theme: A rally along a diagonal trend line that ends with a fast, sudden move higher and then a breakdown through that diagonal trend line with increasing volatility on the way down. That’s crossed with a period of sideways rotation.

Behavior Around the High: We’ll create support at a higher level around the high.

Behavior Around the Low: We may have two lows in the midst of some price swings or some bullish price swings out of the low.

Overview

On the 1st, we’ll have a rally that offers an opportunity to open a short position. We’ll have a slightly lower low on the 2nd and then we’ll have a fast, sudden move higher out of that low. We’ll keep moving higher into the 3rd and then have a full retracement of that move back down. On the 4th, we may have a highest high. We’ll have a breakout on the 4th followed by a break back down on the 5th. On the 6th, there’s a notable decline toward the end of the day or overnight. Out of that decline, we’ll push the upper end of a range higher on the 7th.

On the 8th, we’ll have some swinging back to the downside at the end of the day. That’s followed by some movement to the upside to meet resistance on the 9th. There’s a lot of price movement at the end of the day on the 9th and a big move to the upside on the cusp of the 9th/10th. There’s a significant trough on the cusp of the 11th/12th. Out of that trough, we’ll have sideways rotation followed by a move to the upside. We’ll move into a crest on the 13th that we’ll sell off from down to and through support. We’ll do a U-shaped reversal and then come back up to reuse it as support. There’s a big move to the upside on the 14th off of that support into another prominent crest or peak.

On the 15th, there’s the end of a rally and a sharp decline through multiple support levels. There’s some sideways rotation along key support on the 16th. On the 17th, there’s a near overbought crest or peak that we’ll sell off from pretty notably into the 18th. On the 18th, we’ll have a fast, sudden move higher out of a trough marking the end of a period of decline. On the 19th, we’ll have sideways rotation followed by a fast, sudden move higher. On the 20th, there’s a crest or peak toward the end of the day where we’ll attempt to establish support. There’s a pretty sharp drop and a lot of price change on the 21st.

On the 22nd, we’ll have a high for the month. On the 23rd, we’ll have a significant decline into what might be a lowest low for the month. There’s a notable breakout at the end of the day on the 23rd into a notable peak or crest. We’ll stay above a key resistance level briefly and then break down shortly thereafter into the 24th. There’s a rally on the 25th into the 26th. We’ll then have a sharp drop that takes us from a prominent crest into a prominent trough on the 26th. On the 27th, there’s a rally that ends with a fast, sudden move higher. We’ll then decline into a notable trough. On the 28th, we’ll meet a resistance level that we met before but failed to break through. There’s a prominent crest at that resistance. On the 29th, we’ll fall from a prominent crest down to and through support and then we meet a second support. We’ll rotate sideways along that support into a trough at the beginning of the 30th where we’ll most likely have a lowest low. We’ll have three crisscrosses back and forth through the same price level confirming a bullish trend.

Sneak Preview

In September, we’ll see a decline through multiple support levels.