Based on the above chart, it seems Ripple XRP is consolidating just below the 0.382 Fib level. The interval I considered is the $0.0085 - $0.3988 (the acquisition price disputed in the courts of law between Ripple and R3 and the historical maximum of the coin).
By Monday, when all the markets open in full power after the US Thanksgiving Holiday, it will either break the Fib. level of $0.25 with the next stop high in the sky ... (next level would be $0.3 but it can challenge even the historical high of $0.4) or it should bounce back towards the 0.5 Fib level in the $0.20s for more consolidation. However, a major move is building up and by the mid December we should have something very interesting happening here
By Monday, when all the markets open in full power after the US Thanksgiving Holiday, it will either break the Fib. level of $0.25 with the next stop high in the sky ... (next level would be $0.3 but it can challenge even the historical high of $0.4) or it should bounce back towards the 0.5 Fib level in the $0.20s for more consolidation. However, a major move is building up and by the mid December we should have something very interesting happening here
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Looking at the weekly chart, there is a very nice and clear "pole" formation which mostly indicates a retraction towards the 0.5 Fib level before we can see the next jump. At the current level there simply isn't enough traction for a push .. just yet.[inage]
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Most likely the trigger for the up breakout would be the Ripple announcement about the 55 bn XRPs being put away in the escrow ... which announcement is due by the year`s end. So stay tuned, it will sure be an interesting ride.Note
Looks like we have a doji confirming the short term trend reversal, so the 0.5 Fib level (around the $0.2) is in playNote
WARNING !!! I Do NOT advise to sell even if the price drops short term just to make small profits, because anything can trigger the up "explosion" everybody is expecting, which will happen in a very short time spam with very high volatility. Better add to the current positions or buy in when you feel comfortable.Note
"The battle of the Quarter" has begun ... let`s see if I was right about the rebound to $0.2 or the major resistance level of $0.25 will be broken now:Note
The Consensus and Michael Arrington seems to have done the trick and XRP finally broke out of the triangle. Let`s see where this leads us :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.