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The XRP price is once again showing bullishness, even after the altcoin has been plagued by dips. This time around, the cryptocurrency is forming a rather interesting pattern that suggests a continuation of the bullish rally that began back in April. While this pattern is yet to be complete, a total formation would be extremely bullish for the altcoin’s price.
XRP Price Breaks Out Of Yo-Yo Movement
So far, the XRP price has been bouncing at support just above $2, something that crypto analyst MetaShackle on the TradingView website likened to a ‘yo-yo’ movement. In place of this has been a rising bullish pattern, which is known as a Reverse Dragon Pattern.
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This Reverse Dragon Pattern has been forming on the daily chart, and history shows that this means the XRP price has the potential to rise faster from here. So far, the analyst explains that the Dragon head is already forming on the daily chart. This is forming above the upper trend line shown in the chart below.
The next phase of this, if completed, would be a strong upward move as bulls regain control. Additionally, MetaShackle predicts “a liquidation candle in the general area of the Weak Dojo/Reverse Waterfall line.” The upward movement is expected to continue, and as this trend plays out over the next few weeks, the XRP price is expected to rise above $3 this month.
Analyst Shows Where Price Could Be Headed Next
While MetaShackle sees the XRP price going up with the formation of the Reverse Dragon Pattern, another crypto analyst has given possible scenarios that could play out from here besides the bullish one. This goes into whether the bulls win, the bears take over, or the current tug-of-war for control continues.
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The first scenario, is if the price breaks the resistance at $2.3612. In this case, the crypto analyst does expect the price to continue to go up. This uptrend is expected to see it break multiple major levels before finally finding resistance at $2.9 again.
Another scenario is when the bulls break below support at $2.03445, which is yet to happen. This could trigger further crashes for the XRP price, and the downtrend could push it toward $1.6, where there is support at $1.63339.
Last but not least is if the bulls and bears continue to vie for control with no clear winner. In this case, the crypto analyst believes the sideways movement would continue. “At this moment, there is hidden divergence appearing on XRPUSD as if it will strengthen the bearish mood,” the analyst explains. “If the price breaks the resistance level, the hidden divergence will be cancelled.”
Featured image from Dall.E, chart from TradingView.com
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This week’s guest on the Cardano NFT Column is a project that is building the most epic fantasy universe to experience our love for fantasy and share meaningful experiences: Drunken Dragon.
Last week’s guest was a completely voluntary charity fundraising campaign to support the 33 million+ victims of the devastating floods ravaging Pakistan.
This initiative is a point of reference for NFTs on Cardano and every week or two we will invite someone to answer some questions and give us an update directly from within the Cardano community.
Considering that many of our readers are new to the crypto space, we will have a mix of simple and technical questions.
Cardano NFT project: Drunken Dragon
Hey, great to have you here. Please introduce your team, where are you from, what are your backgrounds?
Hey! My name is Terrorhertz and I’m the community manager and content creator here at Drunken Dragon Entertainment. Our team consists of people from all round the globe across multiple time zones. I’m from England, but we have people from Asia, South America, and Europe but the main hub of developers and artists reside in Mexico.
The majority of us have a background with a passion for gaming and art which has led to us being here today. We are all super excited to showcase the next projects of The Drunken Dragon with Idle Adventures and the DDU App coming soon.
What is Drunken Dragon? How are you using NFTs and why have you chosen Cardano for your project?
The Drunken Dragon is a fantasy franchise and we are building the most epic fantasy universe to experience our love for fantasy and share meaningful experiences with old and new friends.
We want to revolutionise the fantasy world of which we want to explore multiple mediums using the blockchain as our foundation. We wish to use NFTs as part of a bigger ecosystem (the Drunken Dragon Universe) that allows us to create and share our vision with the gaming and fantasy community.
We use Cardano due to the energy efficiency, the speed of transaction as well as working alongside trusted technology partners, such as Genius X and Project Catalyst. We also love the use of stake pools and delegators that allow our community to earn rewards as we grow.
Your whitepaper features the term “Decentralized Intellectual Property”. What is it and what problems does it solve?
Many times in popular media we see many large companies in legal battles regarding who and what is owned by who. To make a Decentralised Intellectual Property model will allow the Drunken Dragon universe to empower content creators to create their content using the Drunken Dragon as a foundation with no legal recourse.
Other intellectual properties (Star Wars for example) don’t allow third party creators to use their IP but at the Drunken Dragon we embrace the use of our content so that each digital asset, idea or untangle property can be used by the creator en masse to contribute to the universe alongside building their own ideas.
What does the future hold? Where do you envision Drunken Dragon in the years to come?
We hope to revolutionise the fantasy genre and aim to be alongside other franchises (such as LOTR) and as the world accommodates the future of Web3 we want to be there at the forefront of the new technologies as we embrace a change and shift in how the Internet is used and how we communicate with each other.
Our initial plan is to build a stable foundation of titles (our Idle Adventures and Drunken Dragon Inn) but in the future hope to showcase Drunken Dragon in multiple different media facets such as television, podcasts, books, comics and more.
Thanks for your time. Any closing words? Where can people learn more about the project?
We have a wonderful and thriving community on our Discord where we all share the love of fantasy and the desire for NFTs to be integrated in a positive way and will welcome any adventurer into our tavern with a beer held in the air!
We have lots of great concepts coming up so please make sure to stay tuned to our Twitter and YouTube as we share the Drunken Dragon with the world. We can’t wait to share with you all of our products in the short and long term and hope to see you with us soon!
Disclaimer: The opinions and views of the people interviewed are their own and do not necessarily reflect those of the Cardano Foundation or IOG. Moreover, this content is for educational purposes, it doesn’t constitute financial advice.