As we all know, XRP has been booming, as of late. However, with great price movement comes great retrace.
At a glance, XRP appears to be shaping up for a Measured Move. In case you do not know what a Measured Move is, here is a very simple explanation:
- A Measured Move is a three-part formation consisting of a reversal advance, correction/consolidation, and continuation advance. Long story short, this is a bullish continuation pattern.
- The first advance usually begins near the established lows of the previous decline and extends for a few weeks or many months (in this scenario, it is a few weeks). Ideally, the advance is fairly orderly and lengthy with a series of rising peaks and troughs that may form a price channel.
- After an extended advance, consolidation or correction can be expected. Since XRP's price is clearly going through "correction," we can expect retracement ranging from 33% to 67% of the previous advance. As it stands, we have already surpassed 33% with no signs of stopping at 50%, so I would aim for 67% retrace. Generally speaking, the bigger the advance, the bigger the correction.
- After calculating potential retracement targets, the next continuation advance can be calculate as: distance from the low to the high of the first advance plus (+) the low of the consolidation/retracement estimate. This will give you your target price projection for the ensuing advance.
My calculations and assumptions are as follows:
- Extended Advance low: $0.23
- Extended Advance high: $3.35
- Difference: $3.12
- 50% Retracement of first advance: $(1.56)
>> $1.79 (Buy) >> $4.91 (Sell)
- 61.80% Retracement of first advance: $(1.928)
>> $1.42 (Buy) >> TP $4.54 (Sell)
- 67% Retracement of first advance: $(2.09)
>> $1.26 (Buy) >> $4.38 (Sell)
So, there you have it, folks. The end is not upon us... yet. There is still much money to be made, and I wish you all the best of luck!
-MV
Comment:
XRP is following the trajectory beautifully. Price will correct to 60% retracement range over the next 24-48 hours. Possibly sooner.