Breakout Imminent: XRP Supported by 2018 Market Cap ATH
Updated
XRP got swiftly rejected from the 1.272 Fibonacci extension (161.46b) on Monday but found immediate support at it's 2018 market cap ATH of 128b. On the hourly, it is currently in a downward wedge having been rejected for a breakout 3x times, but supported 4x times by the ATH.
It should breakout no later than Sunday, though a current resistance retest looks promising for an imminent breakout back up to try the 1.272 Fib extension once again at 161.46b. An XRPUSD retest of the $2.9 is likely. Failure to break this could see us pushed down to the 2018 market cap ATH to re-test confidence in the support level or further below to the 0.786 retrace at 100B / $1.75 on the XRPUSD which is also the 0.5 retrace level
Longs at the $2.22 are a good call, with tight stop losses set to $2.15 incase support crumbles.
It should breakout no later than Sunday, though a current resistance retest looks promising for an imminent breakout back up to try the 1.272 Fib extension once again at 161.46b. An XRPUSD retest of the $2.9 is likely. Failure to break this could see us pushed down to the 2018 market cap ATH to re-test confidence in the support level or further below to the 0.786 retrace at 100B / $1.75 on the XRPUSD which is also the 0.5 retrace level
Longs at the $2.22 are a good call, with tight stop losses set to $2.15 incase support crumbles.
Trade active
XRP broke out exactly as predicted, currently up 16% at $2.55 from the low of $2.18 set on Thursday. We are targeting a retest of XRP's market cap 1.272 Fibonacci extension at 161.46b which is equal to the $2.90 high set on Tuesday.
The breakout isn't with the same momentum that we previously witnessed XRP moving with, but the entire market has been moving more cautiously whilst we watch TOTAL retest the 3.63T crypto market cap resistance at the 1.272 Fibonacci extension, at the same time TOTAL2 is testing the 1.71T ATH and TOTAL3 is testing the 1.13T ATH. If we push through these resistances we'll start moving with much more velocity to retest XRP's ATH at $3.40.
My current maximum price target for XRP during this bull run is calculated at $9.21 based upon a 4.362 Fibonaaci extension of its previous market cap ATH set in 2018.
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