Observing the Ripple correction and it's previous ceilings and support, I'm predicting tough times ahead for XRP HODLers.
We can see XRP bouncing within it's current correctional lines and adhering to the ceilings and support of previous trends. I think we'll see XRP tank towards $0.66, which is a goo place to load up, followed by a short run up to the previous floor of $0.87, and then (depending on current volume) either a brief run up to $1.17 (unlikely), or another correction back down to it's former spot at $0.21.
Good news is that even if it does hit $0.21, we should see a strong bullish run as previous experienced traders who sold off their assets at $3.00 return to re-up on the downgraded currency.
3 plays here:
1) HODL and pray that a run occurs shortly 2) Sell at $1.30 and rebuy at $0.66 (if high volume of buyers indicates a run) 3) Sell at $1.30 and rebuy at $0.21 (if high volume of sellers at $0.66 indicates another correction)
My play: Selling at $1.30, rebuy at $0.66, and either sell or HODL at $0.86 depending on volume.
Full Disclosure: I'm a novice trader and this is my first post, so I wouldn't bet your entire XRP holdings on this analysis. Feedback is appreciated!
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2/14: So after about 3.5 weeks, we observed XRP bounced twice more times before falling through the support at $1.15 to the next support at $0.66. Now, it seems to be forming a reverse head and shoulders pattern and approaching resistance at the $1.15-1.20 range. If it breaks through this ceiling we could see a rally to #1.30-1.35 and potentially up to the 1.60's if this short uptrend continues over the next 3 -5 months.
I'm not so sure about this either. I think this is what we are potentially looking at over the next 30 days:
ZpaceBuddha
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@NikGibler, Granted this chart is XRP/BTC but there should definitely be some correlation with the XRP/USD chart. That's just my very humble opinion.
NomeSobrenome
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I wouldn't be so sure. XRP most likely will consolidate for one or two days with shy movemets before breakout.
NomeSobrenome
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Correction: for a few hours.
ajonesduffey
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@NomeSobrenome, so much for those rallies. My timing was a bit early, but looks like it did go down to the 0.66 support, briefly rebound, and looks like its continuing to fall.