orlinmyer

XRP Failed Breakout

Short
BITSTAMP:XRPUSD   XRP / U.S. Dollar
As previously discussed, XRP is stuck in this descending channel .
I expected a major break out, that didn't happen, so I’m keeping that prediction, just moving it forward by a week or two.
So, what about Airdrop day?
Expect a break out from the descending channel finally.. anything below the 0.70-0.72 range will probably result in an immediate drop back, after the airdrop, to the lower descending trendline, maybe even below it.. but anything below 0.45 is bad news....
If you’ve been following along, I have (reluctantly) been calling for that re-testing of the high 40’s... not that I like it, but it sets us up with a foundation to go higher.
Bitcoin could fall to the high $16,000’s low $17,000’s in the day following Airdrop.
A breakout past previous highs into the 0.90’s, probably will continue.
But my gut says we are in for a false breakout from this channel because we failed to even reach the top of the channel today...
Could look to sell between the 0.60-0.70 and re-buy at 0.50 if you want, but you do you.
Hold on, hang tight, look at the prices in 6 months :)