I believe a real correction is long overdue, we have untested levels at 20k and even 11k.
Along with strong fundamental confluence I believe Oil is getting ready to continue its move higher.
We are approaching a strong zone where I expect a significant short followed by a further move higher. Close above the zone invalidates the idea.
I believe we will see some strength in XRP for a lot of other reasons then this technical chart I present to you =) However this is the intimidate idea I see forming. If we break below it would be back to .14
I believe we will see close to 25000 levels before we get another strong push down.
With all the injection of "printed" money we should see some small retracement before a much deeper move to the downside.
We have been ranging in this untested zone on the daily timeframe. This could be a nice move to the downside if we are able to break this small range.
I will look to go short with confirming price action. If we get a rally back up I will wait for a break of 162.7 I will look for a retest before buying in.
We have created a strong supply imbalance at the 2.06 level. When we get a massive move out of a level we know there is large imbalance so we will look for confirmation with candle bodies closing inside the zone (wicks outside ok, expected for hitting stops.) Price action will be extra confirmation, along with 61.8 level.