XRPBTC about to complete the ultimate full retrace?
Brief update to my previous trendline analysis of XRPBTC, everyone thought this time would be different with the recent substantial pump (partly) breaking the downtrend, then some SEC stuff comes along and XRP enters full retrace mode just like it has done, every other time. Looks really rather shitty now, with the "breakout" looking more like a bearish retest.
It's technically at support but if 1500-1600 is lost then I honestly think there's not much between there and the 2017 pre-moon accumulation range around 450-700, which lines up nicely with the lower trendline of the massive wedge. Retesting this range would be a full retrace of the entirety of XRP's movement of the last 4 years. Perhaps 1000 will provide (psychological) support, however if lots of exchanges start to delist (like Beaxy did) then I think this will plummet.
It's technically at support but if 1500-1600 is lost then I honestly think there's not much between there and the 2017 pre-moon accumulation range around 450-700, which lines up nicely with the lower trendline of the massive wedge. Retesting this range would be a full retrace of the entirety of XRP's movement of the last 4 years. Perhaps 1000 will provide (psychological) support, however if lots of exchanges start to delist (like Beaxy did) then I think this will plummet.
Comment:
Well that didn't take long. First support hit already, bounced a wee bit.
