The first major resistance that XRP is going to face is the resistance (red) which happens to coincide with the weekly 50MA. This will be my target for selloff (~15% to 20% ROI ).
I am going to post my XRP/ BTC chart shortly and explain how that ties into this chart.
XRP/BTC is in a falling wedge formation (green) which suggests a reversal is imminent. However there’s a max of ~13% this pairing can decline before the pattern fails. Target to the top of the wedge is ~15% which falls right in line with the bottom of the XRP/USDT diamond bottom target zone (assuming BTC price stays the same). If XRP/BTC breaks out of the wedge and hits the orange trend line that’s a ~38% ROI which also falls in line with the top of the diamond bottom target zone (assuming BTC price stays the same). I don’t chart many ALT/BTC pairings because I’ve seen them break the rules too much but when the numbers line up so well with the USDT chart then I tend to give it more credibility.
In keeping with the falling wedge formation I expect XRP to do any of the following:
BTC goes up 13%, XRP/BTC drops 13% and the XRP/USDT price stays flat.
BTC goes down, XRP/BTC drops 13% and the XRP/USDT price plummets (why I use a tight stop loss).
BTC stays the same and XRP/USDT increases 15% - 38%.
BTC goes up and XRP/USDT increases whatever BTC increases + 15% to 38%.
BTC dropped and took XRP with it. Stop loss triggered for ~1% loss. I'll reenter when it hits the reentry zone or break back above the daily 50MA / diamond bottom support.
I understand the point you are making and for those same reasons (among others) I dumped my XRP long term holdings months ago. That doesn't mean XRP couldn't goto $1 or $5 in the future. I simply don't think it's worth hanging onto over the long term because would rather reallocate that capital for other trades that I believe will be more profitable over the short and mid term, assuming XRP actually hits those prices.