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All along, self-proclaimed crypto experts—pseudo-experts? –claim that the crypto space consists of weak speculators and maintain that they are reasons of needless volatility—most are keen on clipping the market for quick returns—and don’t really care about the underlying technology.

Read: Chris Burniske Shows Bitcoin’s 4 Year Cycle Ecosystem, Gives Hint At Will the Crypto Market Deliver In 2019

But, is this claim really true? The XRP precipitous fall from mega-valuation may be a one-thing off and what we are sure is that most bag holders—including holders of XRP—were burnt and for those who decided to hold, then they have to contend with 90 percent plus losses. This is huge but then again, notice that prices are steadying and volatility tapering.

Also Read: Crypto Market Gets a Boost of $5 Billion in New Supply: Diar Research

Does this mean speculators are in the drain and their exit signal entry of the so-called institutional level investors—who are money hungry and probably worse than retail investors–?

Here’s what Patrick Springer had to say:

“A bull market for crypto will come again when all the speculators have exited, i.e. when investors who believe in the greater fool theory of selling the same asset to someone but at a higher price, all leave. It will also come again when there is a great shakeout in the number of cryptocurrencies and utility tokens – there is no value to having an unlimited number of digital currencies sprouting from numerous forks.”

Finally, there seems to be a reprieve after more than 25 days of a long squeeze. XRP holders know that it hasn’t been a cakewalk and as our projection finally holds true, we expect bulls to dominate in coming days.

Part of this optimism is founded on simple price action and candlestick arrangement. After yesterday’s close, a bull pin bar printed and with a long lower wick—and virtually no upper wick, it is clear that demand was high in lower time frames. All you have to do is to zoom in to the 4HR chart and see how prices sprung off from around cents after three days of horizontal consolidation.

Further boosting our bullish stand is the simple fact that prices are bouncing off the 78.6 percent Fibonacci retracement level based on Dec 2018 high lows. As retracement rules dictate, aggressive trades with buy triggers at 34 cents will likely fill their positions on pullbacks with first targets at 40-42 cents. It’s not going to be a tall order because if bulls keep up, then the least they can do is drive prices towards the first level of supports which also doubles up as Dec 2018 highs and the major resistance at 42 cents.

The only time this projection will be null is if prices drop from spot rates, reverse yesterday’s gains and confirm losses of Jan 10 and 20 at the back of above average volumes.

All Charts Courtesy of Trading View – BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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