XRP, like other 80% of the alts did not have its bull run yet. Even though BTC may very well be in the bear market, that does NOT mean that alts are. What we now have to wait is for BTC to provide some type of a short small rally just to re-test its prior area of capitulation (55-58k). If this happens i expect alts to go with it, but.... there is still more down to go with BTC after that re-test. As BTC starts to capitulate again, expect the XRP and other alts to do the same in the short term. XRP may even set a new low but i don't expect it to fall below $0.50 as it is simply to strong of a support.
Then as BTC starts to slowly recover expect the BIG rotation of the money into smaller caps and laggers like XRP.
I've lived through 2017 XRP rally and i remember that XRP can trade sideways for REALY LONG time, but when it finally goes it goes really FAST, really HIGH. After BTC capitulates xrp price should recover VERY quickly, setting a new higher local high (yellow arrow) then next stop is 2018 ATH. From there we sould see first major profit take and the price to re-test $1.5-2 area that held us down for ages (yellow box). Last leg up should get us to $8-12 and this is where a will personally exit the market, regardless of the news (green box).
$9-12 for xrp is where a full 4.236 fib. ext. level is sitting at. Level 0 is low and level 0.236 is the top of the rally prior to capitulation from Sep. 2018.
Price will of course move differently. What i've tried to present with it is where to expect major resistence and support to come in or get retested.
I am not a financial advisor so non of this should be taken as a financial advise.
XRPUSDT
Then as BTC starts to slowly recover expect the BIG rotation of the money into smaller caps and laggers like XRP.
I've lived through 2017 XRP rally and i remember that XRP can trade sideways for REALY LONG time, but when it finally goes it goes really FAST, really HIGH. After BTC capitulates xrp price should recover VERY quickly, setting a new higher local high (yellow arrow) then next stop is 2018 ATH. From there we sould see first major profit take and the price to re-test $1.5-2 area that held us down for ages (yellow box). Last leg up should get us to $8-12 and this is where a will personally exit the market, regardless of the news (green box).
$9-12 for xrp is where a full 4.236 fib. ext. level is sitting at. Level 0 is low and level 0.236 is the top of the rally prior to capitulation from Sep. 2018.
Price will of course move differently. What i've tried to present with it is where to expect major resistence and support to come in or get retested.
I am not a financial advisor so non of this should be taken as a financial advise.
XRPUSDT
Comment:
You can see that ETH first major profit take occurred at the same full fib. extension based on the rally prior to capitulation in Aug '18. ETH as a first member of the altcoins even went higher, which i don't expect it will happen with XRP. Based on what eth did, xrp should too as it is the first and for now the only altcoin that flipped ETH m. cap 4 times in the past.
Comment:
For the XRP chart this rally which we are basing fib. ext on happened in Sep.