There are several things at play right now with XRP, the way I've measured it.
First, it is in a giant falling wedge, and it's possible that it might be there for a while. But maybe not.
Second, it has bounced off of the 0.618 line this morning from the initial surge back in September.
Third, the trend line that has been the factor of major increases in price is just below the 0.618 line at the moment. If the .618 line gives out to the resistance line, it will be a short drop to the support line that has been present since last month.
XRP could drop down to the .7 line, but in my view, this is not likely. If there are trendlines that need to be fulfilled here, the drop would probably have to be almost immediate and catastrophic. So in my view, this is the least likely scenario.
I'm fairly certain the .618 line will give way to the resistance line, but the support line just below it will provide enough push to break past the resistance line subsequently.
These are just my opinions though.
First, it is in a giant falling wedge, and it's possible that it might be there for a while. But maybe not.
Second, it has bounced off of the 0.618 line this morning from the initial surge back in September.
Third, the trend line that has been the factor of major increases in price is just below the 0.618 line at the moment. If the .618 line gives out to the resistance line, it will be a short drop to the support line that has been present since last month.
XRP could drop down to the .7 line, but in my view, this is not likely. If there are trendlines that need to be fulfilled here, the drop would probably have to be almost immediate and catastrophic. So in my view, this is the least likely scenario.
I'm fairly certain the .618 line will give way to the resistance line, but the support line just below it will provide enough push to break past the resistance line subsequently.
These are just my opinions though.
On the off chance that the support below 0.618 breaks, The major support intersections with the .7 and the lower support of the falling wedge around October 28 at around 0.33.