Key Takeaways: A Farrago of Financial Fancies
Is XRP forming another market bottom? 🕳️
Quite possibly, dear reader, for the wave count-that arcane ritual of the chartists-suggests the corrective wave 4 is upon us, and with it, the promise of a 5th wave, a final impulse beyond the modest sum of $4. How thrillingly banal.
Do the on-chain metrics agree with this bullish balderdash?
Indeed they do, for the outflows of XRP from exchanges are at a record high, a sign of accumulation so intense it borders on the absurd. Bullish expectations, it seems, are as rampant as a fox in a henhouse. 🐔
In 1938, that quaint year of yesteryear, American accountant and author R.N. Elliott penned a tome titled “The Wave Principle.” In it, he posited that the stock market, far from being a chaotic jumble, follows predictable patterns-waves, if you will-that reflect the collective whimsy of investor psychology. How delightfully preposterous.
His theory, an 8-wave pattern steeped in Fibonacci ratios, is trotted out today as though it were gospel. Trader EGRAG, in a post on X, proclaimed that this “power of 5” could propel XRP to $6.75, or even the dizzying heights of $18.25. One can only marvel at such audacity. 🚀
A recent AMBCrypto report, with all the gravitas of a tabloid, suggested the current setting could be a market bottom akin to that of April. If true, XRP investors might find themselves awash in profits. But how likely is this bullish scenario, you ask? As likely as a sober man at a cocktail party, I should think.
XRP netflows out of exchanges: A Torrent of Optimism
A glance at the XRP exchange net position change metric reveals outflows of such magnitude they could only be described as preposterous. Negative values, indicating more outflows, have reached historic highs since October. A bullish signal, no doubt, but one wonders if it is not all a bit too convenient. 📉
Combined with the price forecast based on Elliott’s wave theory, this could set the stage for an explosive rally-or a spectacular collapse. The drama of it all is quite exhausting. 🎭
Meanwhile, the long-term holder NUPL has been correcting from euphoric levels last seen in 2024. Historically, such heights of profit are not repeated within a cycle. Once the euphoria zone is breached, the price has only one direction to go: south. This cycle, however, has been slightly different-a mere flirtation with euphoria in July, when XRP rallied to $3.66. A tease, if you will. 😏
Is the current correction a healthy reset, or the prelude to more selling pressure and a steady downtrend? The evidence, such as it is, points to a bullish future, but investors would be wise to prepare for the worst. After all, hope is a dangerous thing. 🌪️
Thus, they must identify the invalidation point where their bullish conviction would be proven wrong by the market and be prepared to follow their plan. Or, as the saying goes, “Hope for the best, but expect the worst.” A motto as timeless as it is tedious. 🕰️
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2025-11-11 08:11