Data showing that inflation has hit a 3 decade high last night sent XRP and the rest of the cryptocurrency market flying to a new intra-day high. However, all of a sudden we saw it plummeting back down to form a new intra-day low and closing in the reds.
But if you zoom out, you will realise that we are fine. We closed on the upper trendline of the symmetrical triangle that we broke out of previously, and formed a higher high and higher low while we are at it. We also tested both the 0.618 ($1.3366) and 0.5 ($1.1822) fibonacci retracement levels, managing to close above the 0.5 level.
This is a good buying opportunity for me. Not financial advice. DYOR.
But if you zoom out, you will realise that we are fine. We closed on the upper trendline of the symmetrical triangle that we broke out of previously, and formed a higher high and higher low while we are at it. We also tested both the 0.618 ($1.3366) and 0.5 ($1.1822) fibonacci retracement levels, managing to close above the 0.5 level.
This is a good buying opportunity for me. Not financial advice. DYOR.
