Perfect Formula for XRP Price Chart to Shine, Conditions in Bitcoin, Stock Market and Altcoin Market

Blockchain Backer’s Technical Analysis Toolkit for Crypto – http://www.BCBacker.com
Blockchain Backer Newsletter – https://blockchainbacker.substack.com

Blockchain Backer 702 Digital Art NFT Collection on XRP – https://nft.onxrp.com/collection/blockchain-backer/

Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

DISCLAIMER: I am not a financial adviser. Investing and trading is risky, and you can lose your money. The information in this video should not be used to make any investment decisions. You should contact a licensed financial adviser prior to making any investment decisions. Any affiliate links in the description of these videos may provide a commission if you decide to purchase their products. I appreciate any and all support of my channel, and without you, I wouldn’t be here. Thank you.

Hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’re going to be talking about the xrp price chart and how the price chart has the appearance that it is getting for the very very end before the price could start moving to the upside

As anybody who watches the channel should know we spent a year and a half in woff accumulation recently we’re able to leave the range and here with that liquidation that happened throughout the market earlier this week we saw prices finally come back to back test the top

End of that accumulation range price has still since been able to hold and we do see lots of behaviors here mimicking past behavior of once a range is actually completed once that type of back test can be done so in this video we’re going to zoom in closer on this on

The entire accumulation in the back test and how moments like these can come after that now I do get it this looks like a bunch of hopium to see things like that coming afterwards so we’re going to go at this with a methodical approach and while we will be looking a

Lot at the xrp price chart in this actual video to show the end of accumulation we’re also going to be diving into other macro elements and elements going on with Bitcoin that could support this idea coming soon I do know there are a lot of narratives out

There for the xrp price chart when you spend this long getting stuck in a Range a lot of videos a lot of stories a lot of conspiracies can come up I do avoid all of those and I really just stick with what’s going on in markets and so

That’s the approach that I’m going to take but I do believe we have reached a phase where we can start seriously considering at least on the YouTube channel for me that we could see prices move up pretty aggressively pretty soon if you’ve paid attention there hasn’t been an xrp dedicated video in almost

Almost two months because there’s been one thing that’s just kind of been missing in here and that has really just been a daily back test of the top of the accumulation range we’ve been stuck in this range people have been asking me in markets in the morning all the time what

Do you think of xrp what do you think of xrp and my answer has constantly been we’re in a range and so I’ve just refused to make any type of like strong content on it while we’ve just been in a range and ranges by Design or chaotic

And finally we did get this back test this throwback in here which which now to me tells me not only have we completed woff accumulation now we have actually back tested the top of the range but what’s fun from that standpoint is that we also have price

Behavior in xrp that has done something like that before but the cold heart reality of it is well just because we see something like this emerging on the chart is that enough does there need to be more than that yes we can create patterns that look very similar o

Congratulations we magically back tested a line but do we have other elements happening in the cryptocurrency market and in macro markets that would support the idea that something like this could happen soon I believe we do so before we dive too deep into the xrp price chart

I’d like to talk about elements that were important in the markets in order for things like this to even happen while it may not be everybody’s favorite narrative and it’s often a hard pill to swallow the reality is xrp’s price has required upward trajectory from Bitcoin prior to its price going in massive

Upward trajectory here’s 2020 and 2021 Bitcoin goes up later xrp up here’s 2017 Bitcoin up later xrp up here is even earlier in 2015 16 and 17 Bitcoin up later xrp up this is probably the most simplified version of explaining this as you guys know I many times go

Into in-depth and over lay a bunch of assets but this just simplifies it as much as you can there has never been a bull run for xrp that did not come with the companionship of Bitcoin strength in the market every move has had that element and aspect to it and every time people

Whine complain and cry as that occurs and even 2020 and 2021 was no different and even in 2021 the price stayed down here under 60 cents and then in the last 10 days went to $2 every major impulse whether it’s 2013 whether it’s 2017 twice or 2020 and 2021 they all come

With the accompanyment of Bitcoin and Bitcoin led the way so do we have a check mark there to say bitcoin’s been moving up i’ say the answer is clearly yes now I would think if I was a cynic I would be saying to myself well yeah bitcoin’s price going up because it’s

Anticipated a Bitcoin ETF if so then why is the altcoin market been outperforming Bitcoin since October the reality is Bitcoin follows the stock market the most hated narrative there is permissionless immutable decentralized sound money or is it just a tech stock as we compare the price of Bitcoin to

The NASDAQ 100 technology sector has price really been rising due to the anticipation of a Bitcoin ETF or has price been rising because Tech has been going up the top of Bitcoin comes in when Tech’s top comes in the bottom of Bitcoin even the FTX collapse all comes in at the bottom

Of big Tech and our price moves are happening in unison is Big Tech waiting for the Bitcoin ETF is is Microsoft or Roblox or door Dash all waiting for the Bitcoin ETF I doubt it I doubt it so here we are we’re talking about the xrp

Price chart we take another step out and we look towards Bitcoin and then we have to take another step out and then we have to look towards the United States stock market and we say well where is the stock market at and as you all know the Dow Jones Industrial Average

Recently broke into an all-time high about three weeks ago we even saw the NASDAQ briefly break into a new all-time high while the ndxt has come up quite short but is looking awfully similar to what the peak of Bitcoin looked like back in 2021 along with the nasda stack

Itself which behaved just like this for Bitcoin in 2021 where it briefly set a new high hits the 4.236 extension like so and then the lights were out if this is the case for the NASDAQ if this is also the case for the Dow Jones Industrial Average which has only gotten

3.8% away from its 4.236 extension while roaring up 480 since the great financial crisis does that mean we’re creating what could be a Peak here in the United States stock market for the Dow the NASDAQ the ndxt and if so what does that mean for Bitcoin and what does that mean for the

Xrp price chart well if we assume maybe that the NASDAQ is only going to do something like this and that the Dow Jones Industrial Average would do something of the same well sorry to all the bitcoiners out there reality is Bitcoin would probably do something very

Similar to that as well if we were to expect something like this to show up over here for the ndxt and for the NASDAQ and here for the Dow Jones Industrial Average well then wouldn’t we just be looking for something similar like that over here on bitcoin but BCB no permissionless immutable

Decentralized sound money fouryear Cycles block reward having ETFs I get it I get it I’ve heard you many times but the reality is price is acting just as it should with the stock market and behaving exactly like you’d expect for the first dip in something like that

What’s very interesting is how the price is so nearly eerily similar to what happened when it roared up like that and that we’re very very close and similar price action to what we actually have already done and it has Confluence with what we’re talking about with the stock

Market whether it’s NASDAQ Dow or ndxt you’re really kind of looking for things just kind of settle down one more and then it’s over something like that would look just like that over here on bitcoin what would also have Confluence about something like that where to get it back

To is it right back up there into those retracement levels very close to that 702 Fibonacci retracement which of course has been my theory all along no new all-time highs for Bitcoin so what would all of this mean well first of all it means that retail investors are

Getting distributed on with the Bitcoin ETF narrative That’s Not Unusual we always said we get back to the retracement levels and reto would lose all fear and start buying Bitcoin like crazy back at the retrace levels like magic they’re getting their most hopium narrative they can possibly hope for

Back into the retracement levels which is the Bitcoin ETF but the high likelihood of them just getting distributed on and sold on is very likely as when we saw the price action after doing literally this consolidating going for one more push up in here and

Then pulls back they have such a lack of understanding of how something like that could happen here from a technical level in retrace levels they all searched for a n to tr to blame like a matrix report guy who’s got like 20,000 followers and nobody’s ever even heard of this report

Before to say he said maybe a Bitcoin ETF isn’t going to get approved okay so this one guy who said this made the price dropped by 10% get out of here I’ve probably said it over a dozen times there’s a chance it doesn’t get approved what’s the difference I mean right but

Anytime price action happens and it doesn’t go along with the main narrative people will always search for a side narrative to say here’s actually what ended up happening right now retail is completely on one side Bitcoin ETF is the best thing that’s ever happened to bitcoin and it’s all happening in the

Retracement levels we’re above the 50% retracement level where this is all happening at but if this is the actual case of what’s really going on here with Bitcoin ndxt NASDAQ Dow Jones what would it actually mean it would mean that Bitcoin is really running out of steam

But it also means we’d be entering into euphoria because retail always buys tops whether it’s in the stock market no matter where we look or big Tech retail goes euphoric in here and we know that because we watched we watched them do it right here for Bitcoin back in 2021 so

It’s not perceived as a moment of fear or a moment of worry it’s perceived as the moment of Maximum risk-taking it’s as far as the market can push it can’t get any stronger than that at that particular moment and that while over here we’d be sitting here screaming oh

Boy oh boy here we we go that’s not what the rest of the market would be doing the rest of the market would be saying oh boy oh boy here we go so what does all of this mean right it means one bitcoin’s price action has been going to

The upside two Bitcoin could be reaching a potential top in here three we’d be entering a phase of Maximum Euphoria in Bitcoin and maximum Euphoria in broader markets such as the Dow Jones and NASDAQ and N dxt of Maximum Euphoria we’re going to the Moon nothing can stop this

Train and you may have forgotten by now that this is an xrp video but to say is that where something like this could happen at well that’s what’s happened in each of the past moves 2021 it shows up in a straight lineup all the way near

The top it had already pulled back in here still xrp is not going it’s still sitting at 48 cents right here it’s just this move right here it doesn’t even take off until you’re like right in here and then boom everything happens at the end as the the exhaustion is finishing

For Bitcoin you go back to 2017 it all happens after bitcoin’s already in like the distribution phase and the ending phase in here this is where it all shows up so if we are in distribution and Market Euphoria Market excitement we’re going to the moon but it’s actually nothing more than distribution happening

At retracement levels then it’s a perfect time as any for that to show up because this right here all happens right here this whole takeoff that we end up seeing is right here in the distribution now let’s play Devil’s Advocate and say I’m completely wrong Bitcoin is going to get through here and

It’s going to go to a new all-time high okay what happens in that situation well we know that bitcoin’s market has mirrored that of 2014 through 2016 so what happened after this when Bitcoin goes and sets a new all-time high right over here xrp goes to moon so whether it’s distribution happening

Right here or if all the bitcoiners and all their narratives are right and it goes to a new all-time high have you reached market conditions that could support that happening Euphoria in the stock market a top coming in for Bitcoin or what I deem to be incredibly unlikely

A new all-time high for Bitcoin these are the elements and the times where xrp’s price can surge if all this is is distribution and this is a local top that’s where it can happen if it’s breaking into an all-time high that’s where it can happen it doesn’t matter

What happens from the ETF both elements are times where it could happen another thing that goes against the narratives that are all built about xrp is the flip of the switch and it’s all going to happen due to something magical and there’s secrets and there’s all kinds of things happening behind closed doors

That are instantly going to turn the price up to thousands of dollars per xrp and whatnot but another thing that every move with xrp has included is the altcoin market and so we look at all these things over here on bitcoin and so then we can go look at the technicals of

The actual altcoin Market over here and we could see these things very clearly that the altcoin market is turning up pulled way out of the desert Crossing phase right way out of the desert Crossing phase this is when it gets way up right we can overlay xrp on here to

See when have these big runs occurred oh look it shows up right here in Peak Euphoria of the altcoin market it shows up here in Peak Euphoria of the actual altcoin Market there’s no independent runs that happen with xrp that are not tied with the market everything is

Happening together but we obviously see how strong the altcoin market has been we see that even it’s a macd has flipped and curled and that these elements have been required for xrp as well so we have this going for the altcoin market along with Bitcoin concurrently so that kind

Of sets the stage unlik are there elements present in the market for something like this to happen for us to be at the actual ending here and I think there’s enough arguments to say it’s not like it’s out of line right like you see the altcoin market on the monthly time

Frame all turning up Bitcoin if it’s reaching its peak then it’s at a point where this this is the kind of stuff that happens for xrp or even if by the far stretched fetch that Bitcoin breaks into an all-time high you would still be

At a time like this right and so it all brings us to the point of are we doing our last little test in here after spending a year and a half in yoff accumulation and then finally here this week we get the test of the top of the

Range we get daily closes sitting right on top of it and now it’s about turning up for the final excitement of the cryptocurrency market in 2024 so to understand the structure of like what we’ve had from 2021 to 2023 here’s a very simple correction that xrp has done

Before this one was much shorter still it was a seven-month correction that included an a BC correction followed by All Phases of woff accumulation we know that’s what we’ve experienced over here in 2021 through 2023 for xrp with an A B C correction and All Phases of wof

Accumulation complete in here as we can see in here at the resistance level is really right above where the breakdown takes place here heading into capitulation as we know that’s been our resistance here even when they won the lawsuit against SEC and xrp was deemed not a security the only things that are

Really different in here you could argue either this or this I mean I you draw a line like that suddenly these things are the identical same exact thing I’ll take everything off the screen you can just see that into the capitulation phase right you have the selling climax

Followed by the secondary test that’s what we have over here you have the selling climax followed by the secondary test that marks the actual bottom that marks the actual bottom then it’s just a slow grind up and a slow grind up then lastly coming in for this conclusion

With this one test in here and I remember being here here during that time I remember the unbelievable negativity in the community the loss of faith that it’s just never going to happen I very clearly remember it and they’ve told the story dozens of times here on the YouTube channel of course we

Have something very similar occurring here right now but you can see these things happening in here right this is just below where things really start to capitulate in here just below where things start to capitulate in here and notice the testing region that happens

Here as we have this a b c zooming in on it to see where we come back and hit in this area it’s just like over here right ABC we have the same thing somewhat of like a head and shoulders happening down in here with a head and shoulders

Happening down in here for this test right this ah here we go again right but it’s quite remarkable to see these things on where the price is actually headed to what sentiment is like during this time period and knowing that we’ve spent this much time in W off

Accumulation to finally exceed it and really just having a back test happening in here but when we look to this exact structure of what these things have done before that was the moment before things got really carried away for xrp and again like I said it’s one thing to just

Look at structures which clearly the structures are nearly identical to each other it’s all corrective format ABC yof accumulation back testing ABC Y cof accumulation back testing but again it’s like important to look to those elements that are going on in markets broadly of like what always happens in order for

These types of moves to happen for xrp and it’s always stock market Bitcoin altcoin Market everything is bullish at the same time right and so we we could look to these things and say yeah those elements are there for the actual price chart of xrp which everybody was always

Wanting I was like hey can we look at the xrp price chart and see if anything’s going to happen and it’s like look we got to find all those elements elsewhere right once we go have all the elements elsewhere that can favor a condition for something like this to

Happen then let’s dive into it all those conditions are out there so we dive into the chart and what do you know you just so happen to have it but we’re not looking at Bitcoin on the chart every day to sit here and goooo Gaga over Bitcoin it’s that my conviction is that

This is a mandatory requirement because that’s what the data shows in every Bull Run for xrp this is a mandatory requirement and history has shown like in all of those circumstances where those big runs came this thing led the way and that’s a very hard pill for a

Lot of people to swallow so I just tried to show you the data of all this stuff and when these things happen what conditions need to be met all the conditions are there we’re about to have a big change of narrative happen here in the cryptocurrency market very soon if

This ETF does get approved is it going to become whoops that was a dud who cares about Bitcoin anymore but guess what we’re all still really big bulls and we’re willing to take a lot of risk cuz the stock market’s breaking out into all-time highs and let’s go let’s chase

Some yield forget Bitcoin how’s that old xrp thing doing oh crud and I would not be surprised if some random news shows up show me a chart I’ll tell you the news this thing’s primed for some news and you better believe the news is going to

Do the exact same thing to this thing as it’s doing for Bitcoin where it makes it very very difficult to sell it because some type of narrative gets attached that plants seeds of doubt we spent years talking about a retrace for Bitcoin the general her SC scamed for

12K and for lower prices the entire time once we get here suddenly they have to buy it because of an ETF they have to buy it when it gets back up into the retracements because of an ETF Show Me Your Chart I’ll tell you the news I’m

Going to bet you there’s going to be some news that’s going to be coming pretty soon and the chart and the market conditions are primed for it so we’ll be keeping our eyes on this the obvious thing we shouldn’t be seeing is new lows set below the lows that were set back in

August and October everything has been a constant grind up that’s what we should be continuing to see is just constant grinds up with higher lows coming into place a lower low would obviously be different it would be of concern so that’s the thing we’ll be keeping our

Eyes out for to make sure that does not occur otherwise it’s all primed as it should be and the stock market Bitcoin and the altcoin market are primed the same way as well and the stock market Bitcoin and the altcoin market are primed for an event like that to take

Place as well with similar conditions being met so on that note we’ll conclude this thing you guys we’re making it to the Finish Line it’s now or never and one of those things that I love to share with you guys is the things that I see from a sentiment perspective and there’s

No question even xrp holders are at a point where they’re mocking themselves at this point which is 100% what it was like back in 2017 so I hope you enjoyed seeing this I hope you enjoyed kind of the macro view again this is just reiterate there’s there’s a very

Specific reason we’re always looking at macro we’re always looking at Bitcoin we’re looking at those things even though xrp is like the largest holding that I do have and it has nothing to do with like thinking bitcoin’s going to like do any type of big huge rewards

Even for a retrace it was never about that even if it went into new all-time highs it wouldn’t be about that I’ve been writing newsletters about developer data circulating Supply inflation and percentage draw downs and we’ve gone through the 2020 Bull Run Bitcoin is not the best performer especially from the

Moment in time where we’re at right now now even if Bitcoin went into a new all-time high from this moment right here where we’re at right now for Bitcoin if you pretended it was 2020 Bitcoin was the worst performer out of the top 20 so I don’t ever look to

Bitcoin to be like some cheerleader of permissionless decentralize immutable ledgers it’s totally just understanding how this Market has worked Bitcoin has a tendency to lead the way and when those conditions get met then we can look for confluences in other places stock market altcoin market wof accumulations after ABC Corrections and completed

Accumulations right and all those things they just all tie together for a really big picture and not the fed’s going to buy back my xrp or there’s a switch that’s going to be flipped and there’s Secrets upon Secrets upon Secrets it’s really just putting all of that together

And it’s a complicated picture and you have to keep your eyes on all of it to look for that lightning bolt to strike and it does seem like a lot of things are lining up for the lightning bolt to strike and I think narrative is all

Going to get very changed up here uh once we get Beyond this Bitcoin ETF stuff and then it seems that we’re primed for an xrp narrative so I hope you enjoyed it guys I want to thank you so much for watching I hope you have an absolutely wonderful weekend if you’re

Looking for something to do throughout the weekend of course check out BCB backer.com it’s a course I recorded with over 40 videos and over 11 hours of content deep diving into the historical behavior of the cryptocurrency market tying all of this different stuff together teaching you how to set set up

Your own charts and your own indicators within trading View and coin Trader Pro that’s available over here on BCB backer.com like mentioned earlier I do write a newsletter it’s over there at blockchain back. substack do.com the most recent newsletter is about looking forward into 2024 tying those big

Pictures together and what it looks like heading into 2024 and those most recent newsletters have really been focused on that developer activity the circulating Supply inflation along with those percentage draw downs and then like trying to combine all of to create the most outperforming portfolio of 2020 and

What would something like that look like right now as we head into 2024 all the stuff is available over here on substack which there is a link in the description of this video to blockchain back. substack docomo a link down here to BCB backer.com all those newsletters do have

Audio recordings with them as well if you’d like me to read the newsletter to you either way lots of content for you available out there I hope that you have an absolutely fantastic weekend and I want to thank you so much for watching if you could please like this video and

Give it a thumbs up if you’re new to the channel hopefully I’ve earned your subscription today please subscribe and hit the notification Bell so you can be notified of when I create new content and when I go live as always this is not investment advice and I am not a

Financial adviser but if you ever need a pickme up or a little bit of reassurance just remember that the blockchain backers got your back have a good one W