Today we are taking a look at XRP on the 15 minute chart, looking at the last 10 days or so of trading and the fractal for the upcoming week.
We see that XRP has risen and fallen in accordance with the fractal that it has been mimicking for months now. We also see that, while it seems to move in accordance with the fractal, XRP respects the fibonacci trendlines that we created, original idea linked below. In essence, XRP seems to rise and fall consistent with the fractal, but subject to ranges created by the fibonacci trend lines. It is definitely an interesting hybrid chart that we are still unsure as to WHY it works so well...
In any event, as the fibonacci trendlines and fractal are set to diverge in the next few days, we postulated about 36 hours ago that XRP would make a decision within 48-72 Hours, so we still have about a day and a half left to see what XRP wants to do!
My thoughts are that the support level (buy zone) for XRP of $0.86-$0.91, which we predicted a few weeks ago would present as a great entry point, has hit and has held at least five times now - and while I'm not convinced that $0.78-$0.82 zone we talked about is off the table, I am thinking that, at least right now, that level will not break. I am leaning toward XRP breaking upwards to retest the current resistance trendline at around $1.15-$1.20. We have seen a few attempts for XRP to launch out of its current range, but it has not managed to do so yet. Its most recent attempt a few hours ago fell short of the high it made on its previous attempt. On the other hand, the buy volume in comparison to the sell volume looks bullish.
If the fractal wins, XRP will break the trendline, hold for just a bit, and then tag $0.78-$0.82. A-B-C movement might look like a break to $0.85, a brief consolidation up say $0.875, and then a low drop to $0.78-$0.82. Buys can be set accordingly after hitting $0.85, set them at $0.81 or so. If the trendline wins, we should see an impulse up to $1.03-$1.04ish.
The reality is, the overall picture is a market that is sending mixed signals with respect to the next move. It is tough to recommend a position right now beyond holding, so we recommend not taking a new position! Long term we are, clearly, very bullish - we are just not sure what comes next or exactly "when" we are in the fractal. As I said once before, I hate the idea of putting a chart out and saying oh hey it might go lower but it also might go higher...but in this case, I think it is okay to say that while we wait and see. An honest trader, or at least someone trying to share insight and guidance with a community, should not be afraid to say "I'm not sure right now."
One thing to note - 8:00 PM EST marks the monthly close! Will we see some shenanigans??
Please enjoy!
We see that XRP has risen and fallen in accordance with the fractal that it has been mimicking for months now. We also see that, while it seems to move in accordance with the fractal, XRP respects the fibonacci trendlines that we created, original idea linked below. In essence, XRP seems to rise and fall consistent with the fractal, but subject to ranges created by the fibonacci trend lines. It is definitely an interesting hybrid chart that we are still unsure as to WHY it works so well...
In any event, as the fibonacci trendlines and fractal are set to diverge in the next few days, we postulated about 36 hours ago that XRP would make a decision within 48-72 Hours, so we still have about a day and a half left to see what XRP wants to do!
My thoughts are that the support level (buy zone) for XRP of $0.86-$0.91, which we predicted a few weeks ago would present as a great entry point, has hit and has held at least five times now - and while I'm not convinced that $0.78-$0.82 zone we talked about is off the table, I am thinking that, at least right now, that level will not break. I am leaning toward XRP breaking upwards to retest the current resistance trendline at around $1.15-$1.20. We have seen a few attempts for XRP to launch out of its current range, but it has not managed to do so yet. Its most recent attempt a few hours ago fell short of the high it made on its previous attempt. On the other hand, the buy volume in comparison to the sell volume looks bullish.
If the fractal wins, XRP will break the trendline, hold for just a bit, and then tag $0.78-$0.82. A-B-C movement might look like a break to $0.85, a brief consolidation up say $0.875, and then a low drop to $0.78-$0.82. Buys can be set accordingly after hitting $0.85, set them at $0.81 or so. If the trendline wins, we should see an impulse up to $1.03-$1.04ish.
The reality is, the overall picture is a market that is sending mixed signals with respect to the next move. It is tough to recommend a position right now beyond holding, so we recommend not taking a new position! Long term we are, clearly, very bullish - we are just not sure what comes next or exactly "when" we are in the fractal. As I said once before, I hate the idea of putting a chart out and saying oh hey it might go lower but it also might go higher...but in this case, I think it is okay to say that while we wait and see. An honest trader, or at least someone trying to share insight and guidance with a community, should not be afraid to say "I'm not sure right now."
One thing to note - 8:00 PM EST marks the monthly close! Will we see some shenanigans??
Please enjoy!
