XRP Final Flag?
In 2017 we had a breakout above the previous ATH trendline.
December 2013 was the previous ATH and in December 2014 there was an approximate 0.50 Fib retracement that allowed us to form the upper trendline.
September 2016 that trendline was broken and then XRP went on to test that line as support until March 2017.
There was one more backtest of the support, then XRP began to parabolically rise.
Throughout March 2017, XRP flagged under the 0.236 Fib retracement level.
XRP then broke out into a new ATH in April 2017.
Currently we have a similar setup.
XRP has broken through the ATH trendline, formed by the ATH and high of August 2020.
We are currently flagging after retesting that support.
If we see a rapid breakout above this current price level, we could see new ATH's in rapid fashion.
This would probably time out with SEC news that is favorable to XRP.
#interesting
December 2013 was the previous ATH and in December 2014 there was an approximate 0.50 Fib retracement that allowed us to form the upper trendline.
September 2016 that trendline was broken and then XRP went on to test that line as support until March 2017.
There was one more backtest of the support, then XRP began to parabolically rise.
Throughout March 2017, XRP flagged under the 0.236 Fib retracement level.
XRP then broke out into a new ATH in April 2017.
Currently we have a similar setup.
XRP has broken through the ATH trendline, formed by the ATH and high of August 2020.
We are currently flagging after retesting that support.
If we see a rapid breakout above this current price level, we could see new ATH's in rapid fashion.
This would probably time out with SEC news that is favorable to XRP.
#interesting
Related publications
Disclaimer
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.