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.
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A quick update on XRP for you guys!
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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.
@LewisGlasgow, get i appreciate your insight. I was just wondering when you upload pictures of charts to your telegram could you use higher resolution photos? When I zoom in to see numbers on occasional charts (not all of them) the image is blurred. If you are limited by your system no worries. I was letting you know in case you were not aware. Thanks again lewis
LewisGlasgow
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@scragle1, these images are all taken directly from Telegram, maybe sending a link would be more beneficial? I don't have any control over the quality of the image I'm afraid.
Thanks for the heads up!
buythedipSTR
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@LewisGlasgow, all good brotha . Just keep it as it. You provide the link in the post so if needed I'll go to the website. Wish I would of found your articles a long time ago.
LewisGlasgow
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@scragle1, just tested using a chart link and the image itself, it doesn't seem to help the quality of the image, this is something TradingView could look into to improve the quality of chart screenshots.
maheswar81
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@LewisGlasgow, So you mean it will take another 180 days for XRP to breakout? But that time there were no banks who are ready to take it, this time we have so many news on XRP.
LewisGlasgow
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@maheswar81, not at all, I'm simply highlighting the previous period of consolidation, it's unpredictable how long it will take to enter a new cycle we can only estimate.
The next cycle in my opinion will be April/May.
DmitryMayakovsky
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Next movie - 5-10$
Rogue7
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Thanks for this chart also. Might you have an update soon on where you see XRP going?