Long

XRP/USD Correction/Consolidation after new ATH

Wow! What a show! XRP blew out the top of the channel (as mentioned 12/26) with volume on its way $2.47. Steeper channel formation in progress (old trendchannel is now in grey, new in green). We appear to be in a low volume range trading/consol pattern now (pretty wide range). This will change after the holidays once volume on exchanges picks up.Lower green trendline needs another touch to be considered a true trendline . The fact that I had to redraw to a steeper trendchannel has me pondering whether the trend is turning parabolic.

On a non-technical note... most of the larger exchanges still have not verified all the new account requests from a month ago (when XRP/USD was in the .20's). The masses of new entrants are having a very hard time getting access to even start buying. I don't think this bull is over yet, but if we do have a selloff, support lines are the blue hashed lines on the chart.

Have a happy new year!

protechtor

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