I'd like to present a short post covering Ripple in relation to the market-wide correction. As mentioned in my Bitcoin post the magnitude of the correction for most cryptocurrencies has been amplified as the entire market capitalisation dropped from $830 billion to $310 billion, which is over a 50% decline market-wide.
As you can see from April/May 2017, price increased by 1453% within 27 days followed by a correction of 72% inside 10 days. This was followed by a period of congestion which lasted 194 days until we experienced the next bullish cycle.
Now looking at the current cycle which started in December, price increased by 1545% inside 28 days which is extremely similar to the move back in April/May 2017. This was followed by a correction which now stands at 82%.
XRP has lost 82% of its value within 33 days, which is 3x longer than the previous correction, although this was followed by 6 to 7 months of congestion.
The lowest price I see XRP returning to is $0.44 at the previous high which means it would be standing at an 87% decline from the all time high.
I will be waiting for the next daily close to determine if the market has bottomed, which to me it appears it has, we cannot be sure for now.
From here we can use this opportunity to accumulate XRP at low levels.
As you can see from April/May 2017, price increased by 1453% within 27 days followed by a correction of 72% inside 10 days. This was followed by a period of congestion which lasted 194 days until we experienced the next bullish cycle.
Now looking at the current cycle which started in December, price increased by 1545% inside 28 days which is extremely similar to the move back in April/May 2017. This was followed by a correction which now stands at 82%.
XRP has lost 82% of its value within 33 days, which is 3x longer than the previous correction, although this was followed by 6 to 7 months of congestion.
The lowest price I see XRP returning to is $0.44 at the previous high which means it would be standing at an 87% decline from the all time high.
I will be waiting for the next daily close to determine if the market has bottomed, which to me it appears it has, we cannot be sure for now.
From here we can use this opportunity to accumulate XRP at low levels.
Comment:
A quick update on XRP for you guys!
Comment:
As requested an update on XRP from the 1h chart, rather than creating a new idea I thought I would drop it here.
Pay attention to a break of the small structure, the expected direction is bearish, although wait for confirmation.
Pay attention to a break of the small structure, the expected direction is bearish, although wait for confirmation.
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