XRP drops 47.5% over 18 days after setting a new all-time high.The crypto market crashed today, dragging down virtually every cryptocurrency you can imagine. XRP saw a drastic decline along with the broader market, losing 47.5% since setting a new all-time high was set just 18 days ago. This has many people worried that the decline may continue, but this drop also changed XRP's structure dramatically, merging what were previously two bullish wedges into a single broadening wedge.
If you look closely at the standard Fibonacci levels that I use—based on what I call the "equilibrium zone"—you’ll see that the uppermost and lowest Fib levels align perfectly with the price high and low throughout that 18-day period.
Although the overall market feels bearish right now, as the average retail investor's emotions run off the scale due to the incredible devaluation of their digital asset portfolios, experienced traders and investors see this drop as an opportunity.
There’s no guarantee that this is the bottom or that price will recover the higher levels that have now been lost. However, in my opinion, the chart pattern we now see as a result of this drop has amazing potential if price continues to hold above the lowest green Fib level.
It was a painful day for some and a day of incredible gains for others (shorts), but the game never stops being played. Dust yourselves off, catch your breath, get your game plan together, and keep moving forward.
Good things will come to XRP in due time.
Good luck, and always use a stop-loss!
