Today we are looking at XRP with 2 hour bars. We are still going off the same chart we have been for all of these posts so far. Luckily, it looks like XRP is too.
But the question remains, where exactly are we? More accurately, WHEN are we in the fractal?
A big decision is coming for XRP, and we will see it within the next 48-72 hours. The fractal and the trend lines will clash, and XRP cannot obey both. The current action appears benign, but all that has happened is a decision has been delayed.
There are only two paths that XRP can take from here. As we stand now, it "appears" that XRP is right inside the fractal that it is following. It also appears that XRP is respecting the fibonacci trend lines that we created, idea linked below. But it can no longer do both. The two scenarios are as follows:
1. XRP will break the trendline and head lower, following the fractal. First zone of major support will be at $0.86. We will look to make a V shaped low at around $0.78-$0.82 before we can climb higher, with a majority of side ways trading in the $0.86-$0.91 range.
2. XRP does not break the trendline but instead skips along creeping higher. This means we are not in this exact spot in the fractal pattern that we appear to be. We have seen that, while the moves are the same, the timing has not been.
I believe scenario 2 will play out to be correct, but it remains to be seen. Again, wish we had something more definitive by now, but it appears that answer is coming in the next 2 to 3 days. There is no in between. It must do one or the other.
We will re-assess accordingly if necessary as this situation unfolds. 48-72 hours is an estimate - the decision may come sooner.
But the question remains, where exactly are we? More accurately, WHEN are we in the fractal?
A big decision is coming for XRP, and we will see it within the next 48-72 hours. The fractal and the trend lines will clash, and XRP cannot obey both. The current action appears benign, but all that has happened is a decision has been delayed.
There are only two paths that XRP can take from here. As we stand now, it "appears" that XRP is right inside the fractal that it is following. It also appears that XRP is respecting the fibonacci trend lines that we created, idea linked below. But it can no longer do both. The two scenarios are as follows:
1. XRP will break the trendline and head lower, following the fractal. First zone of major support will be at $0.86. We will look to make a V shaped low at around $0.78-$0.82 before we can climb higher, with a majority of side ways trading in the $0.86-$0.91 range.
2. XRP does not break the trendline but instead skips along creeping higher. This means we are not in this exact spot in the fractal pattern that we appear to be. We have seen that, while the moves are the same, the timing has not been.
I believe scenario 2 will play out to be correct, but it remains to be seen. Again, wish we had something more definitive by now, but it appears that answer is coming in the next 2 to 3 days. There is no in between. It must do one or the other.
We will re-assess accordingly if necessary as this situation unfolds. 48-72 hours is an estimate - the decision may come sooner.
