XRP PRICE RISING Upward as Breadth Opens, Bitcoin and Altcoin Market Strength as Russel Passes .702

XRP PRICE RISING Upward as Breadth Opens, Bitcoin and Altcoin Market Strength as Russel Passes .702

[Music] 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 as is typical format we will tie it in into the bigger picture of what’s going on in the entire cryptocurrency market and of course the bigger macro picture because that’s the thing that matters fortunately as you can see right here on the Russell 2000 you can see this morning as markets have opened we can see the Russell poking above the 702 Fibonacci retracement level as breath has just opened up in a massive way over the course of the last four trading days here in the United States stock market absolutely killing it which of course we were hooting and hollering about last week when we saw that the big caps were struggling as all the small caps started soaking in a lot of the liquidity this of course represents an opening of breadth rather than it just being The Magnificent Seven controlling the entire stock market it becomes broad participation it’s a move out on the risk curve with investors willing to spread their money out rather than being super risk aversion and sticking to just the big names but like we’ve talked about for months this is an important factor the cryptocurrency market is Strife full of false narratives and hopium Fantasies but the cold hard reality is when we see breadth open in the stock market it translates over there to the cryptocurrency market and that has been the case in every Bull Run no block reward we need to see true expansion get itself set in of course the last 4 days have been completely epic but as we talked about even back in 2016 into 2017 that’s exactly how it went it went from being at the 618 Fibonacci retracement level to being in full-blown expansion in 1 2 3 4 5 six trading days what’s so special about that point in 2016 of course that all goes back to this whole stuff and how the crypto Market has been behaving how bitcoin’s been behaving that it’s really followed 2014 through 2016 that’s what all of this is in here that exact same time period and it took expansion happening in broader markets with the Russell in order to see that occur and of course all these elements all line up for xrp to go into expansion like we saw back then as well so of course we’ve been looking at Price action kind of taking that into account what was it like when expansion occurred for Russell Bitcoin xrp and while even our moves down in here all resembling that ending then of course last Thursday and Friday acknowledging boom there was a big move that happened over there in the Russell and in breett opening up in markets and sure enough xrp popped up 20% over there on Saturday so so far so good everything’s looking fine so long as this element just continues to keep on going so this is a pretty exciting time because if this does occur It lines up all elements for all things that we need that inevitably lead to to expansion in the crypto Market or we can call it alt season but these are the things that have always occurred for every alt season and for every expansion of Bitcoin is to see the Russell do that and boom it’s starting to get pretty fingernail biting and pretty exciting so as for xrp it’s really kind of just waiting for that moment to happen for the market to say we are in true full-blown expansion so far we’re doing the right thing so far we haven’t seen anything in crypto go into expansion just yet today is the first day we kind of have some red on the board since last Thursday every single day has just been green green green green Green throughout crypto as the Russell continues to move up it’s kind of like we’re taking a breather xrp is actually having a positive day it is up 4% it’s at 56 cents today but as weird as it is even if this stuff continues to go on in here it could still be that we kind of have some weeks that we have to kind of sit around here and chill in here before an expansion could actually take place for reference when we did something like this in the past there was still an ABC correction that came came out in here before actual expansion took place I’m keeping that in mind I definitely want to look at that and be like we’re going we’re going we’re going but part of me is still just like why is this thing followed so perfectly it’s it’s truly utterly bizarre how it’s been like right on time with the whole thing uh even during our Corrections and our breakouts into different price levels they’ve all happened really on time so just kind of keeping that in mind if you were going to kind of have like a reference point of time like one thing we have talked about like some types of signals that uh signaled that we were going into expansion in 2016 and 2017 is that during this moment in here for Bitcoin you actually started seeing some altcoins start to get shooting up to the upside and one of them actually was xrp we can go back and look at that moment right there and it was actually that moment right there where the price of xrp actually did lift up out of there notice we had kind of pulled out it’s kind of like what we’ve done right now but think things kind of waddled and it was right there that things actually started taking off I don’t know it’s kind of magic voodoo to sit there and say hey that’s the day that things have to go I think it’s kind of silly but you know an equivalent time period on that still would take you out to like July 27th July 28th if you’re going to follow the exact same timetable which surprisingly somehow this ending did come in on that same timetable which is again truly bizarre this this now gets to the point where it feels like it’s a whole lot of astrology that’s happening in here astrology for dudes uh but I think the the biggest thing that we obviously see is we see this stuff happening in here and that’s just important for broader markets right I talk about it a lot I’m not I’m not a believer in Block reward having stuff I it’s just nonsense to me I’m not a Believer when it comes to xrp with the flip the switch stuff all the money Secrets upon secrets and that you know World Reserve currency stuff I don’t believe in any of that but I have studied the market enough to recognize when you’re kind of approaching those moments of things happening in markets and these are those kinds of moments happening right here and that if we’re getting ready to expand it could be a really exciting time and unlikely to just be xrp that’s not how it works again I don’t view it that it’s going to be a flip the switch all the money it’s just xrp it’s the whole Market this is an entire Market thing and I think we’ll see that translated to a lot of different places not just here however xrp is lined up like it has been historically that actually did quite well compared to the rest of the market doesn’t mean it was the only one it just did a lot better than the rest of the market did in times like this we’ve shown this several times here where if you look at the total market cap of the entire cryptocurrency Market in relation to the price of xrp this is the most overv valued the entire cryptocurrency Market has been in relation to the price of xrp I’ve made tweets about this we’ve talked about this in videos here’s a tweet from back in May discussing this if you want a little xrp hopium sentiment is rough right well it makes sense the rest of the market has never been more overvalued versus the price of xrp throughout all of history except once which is back there where again late 2016 early 2017 and we’ve noticed that we noticed the bearish divergences started to show up in here you can see the stochastic RSI falling off of a cliff and you see the macd starting to curl over here on the weekly time frame then fast forward to June 17th it’s still looking interesting for xrp after reaching historical extremes a massive weekly bearish Divergence shows up for total versus xrpusd right at the resistance the macd hits historical extreme and the macd lip has begun when these events occurred in 2017 and 2021 xrp outperformed in which we had then progressed even more to see a bigger weekly bearish Divergence emerging there for total versus xrp and the macd starting to flip at historical extremes and Crossing itself right this is the highest it has gotten right before xrp took off in 2017 and right here before the Run happened there in 2021 fast forward now what do we have boom this thing goes into big breakdown now the stochastic RSI goes and now look here at the macd the thing has gone wide open heading down with macd totally in freefall here of the total market cap of crypto versus xrp so these are things that we look for happening from these price levels down here on the macd right these are the moments right before xrp took off right these are the moments right here before xrp took off and here we go having it go right as this thing gets going so things are looking good I’m just you know sitting there with my thoughts of being like you know is the magical unicorn fairy dust all taking place all at the exact same time to have this whole thing play itself out with Bitcoin being back in these same places at this time and then the Russell going for the break at the exact same time right and you know if that’s the case if there is some weird Force at play or something like that well you know what there’s still some time uh this thing would have to kind of play around in here for a little bit before things actually ended up getting moving so I’m just kind of keeping my expectations like that and of course keeping my eyes on this that this thing just still continues to confirm what it’s doing because this is exactly what we want to see and I’ve made a lot of videos on this and this is our first great sign and this is a very nice strong move that has happened here for xrp off of these lows you can go back and look in here we really haven’t seen a move like that come out of here in several months and I’m all for it continuing to go and this thing going into expansion and the Russell continuing straight up and this thing continuing straight up but it’s just incredibly common to pull off these lows have your first just kind impulse off of there and then you do just have to kind of flag yourself down kind of ABC correct in here you know even going back to like when the SEC sued Ripple you know we had a strong reaction there off of the floor and then we had to flag for a little while before getting a real uptrend going in there and I think that’s possible I actually view it as probable so I’m not quite ready to like making videos saying hey we’re shooting to the upside right now even though we’re at 57 cents right like that’s exciting for a lot of people cuz we haven’t seen 57 cents since April 12th that’s over 3 months ago right but it’s also very common to have these types of reactions in here that still have to flag around here for a minute uh before things get going so I’m just kind of keeping my emotions in check remaining calm thinking of it from that light that hey we are seeing a very nice strong reaction out of here we are seeing the Russell start to flash some signs of getting through retracement levels reaching appropriate times for things like this to start happening definitely it is just very common to still have to do a little bit of a correction before true expansion actually happens in here and looking at it from the perspective of Bitcoin and timing and all those things it still had a couple weeks left in it before that ended up happening but the thing that’s truly exciting of course is to see that type of reaction happen where it’s happening at it’s very strong at the same time while we’re starting to see elements like this start to become present so again fantastic reaction especially with the timing of it all occurring it’s like magical unicorn fairy dust still cautious of Correction ranging happening in here before anything too significant can come out of it and of course keeping an eye over here on the Russell to make sure that this thing can actually go into expansion cuz that’s really our confirmation and I think we all just really got to witness it there by seeing the thing take off Thursday and then watching crypto there on Friday Saturday Sunday and Monday following suit right so certainly exciting probably one of the most exciting times that we’ve had in a long time because things are actually getting themselves aligned quite well still a lot of weird elements that have that are in the market that haven’t been there in the past like doing something like this during a restrictive fed fund cycle like that’s never happened before it’s a again Uncharted Territory also with gold being at these all-time highs Uncharted Territory uncommon Behavior to see happen in crypto during its entire LIF span this is a first but there are things that are similar and of course the most important thing to be seeing out there is to see broader participation in markets and a move out on the risk curve rather than being the most risk aversion rally and nearly all of history it’s finally starting to open up a little bit and that’s exactly what we want so we’ll be keeping a closer eye here on xrp in the coming days and weeks because if things are lining up fingers crossed this actually is our time and so we’ll just keep our eyes over there in the russle make sure things are going good over here again if you haven’t seen it this is how the peak of the market came in the entirety of the rally that we saw there from October through April it’s all with broader Market participation and a move out there on the risk curve like we talked about last Friday it seemed like this crazy opportunity that we were already seeing this thing start to get going while crypto was still down here this thing is still rallying and somehow we just haven’t caught up yet so uh truly fascinating stuff to see it happening in here and definitely uh fingernail biting to make sure we get through and to make sure it actually does get into expansion but if you’re going to take a shot at it this sure seems like it’s trying to take the shot and the timing of it occurring couldn’t be any more perfect whether it’s Bitcoin or xrp or the entire crypto market so definitely exciting and we’ll keep watching to see that thing confirm it’s getting out as the Russell only has one retracement level left and xrp knocking on 58 cents while the ratio of the total market cap of crypto versus the price of xrp has just absolutely behaved just as it has in the past so we’ll check in on it again soon still keeping our eyes on the whole market for expansion to end up occurring but so far breath has been opening up and obviously that has translated over there to the xrp price chart as well so I’ll catch you guys in markets in the morning tomorrow otherwise they’ll start wrapping this thing up of course we published a newsletter yesterday talking all about breath and going through indicators showing that that bread has been opening up over there in the US Stock Market how that translat over here to the cryptocurrency market at the same time what happened last Thursday was near record setting levels of breadth opening and absolutely no surprise to see crypto follow suit after something like that happens after all the research we’ve done all the discussions we’ve had about it so check this one out it’s got a 21 minute audio voice over in there that I personally do record so if you’d like for me to read it to you and discuss the charts that’s available in there too of course signing up for the newsletter gets you access to all the past ones as well I believe there’s a total of 43 so all the research that’s been done in there you can have access to that as well and that’s available over here at blockchain back. substack docomo check out my website over here on BCB backer.com with over 40 videos and 11 hours of content teaching you how to set up your own charts and indicators within trading View and coin Trader Pro also teaching about the historical behavior of the cryptocurrency market there’s also downloadable PDFs in here that supplement a lot of these different sections so you can print them out or save them to your hard drive that’s over here at BCB backer.com there are links down here in the description of this video to BCB backer.com and to the newsletter at blockchain back. substack docomo Russell of course let’s go xrp but all right that’s it thank you so much for watching if you could please like this video and give it a thumbs up if you are new to the Channel 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 to pick me up or a little bit of reassurance just remember that the blockchain backers got your back have a good one [Music]

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