For people who have both ETH and XRP, this is an interesting chart (mostly for fun, I don’t trade on it). ETH has gone down by about 84%(!!!) against XRP in a very short time and is now almost at the bottom of a channel (still about 10% drop to go). After that it will become clear which way ETH/XRP will go… I expect it to go up again (ETH has been lagging for a while).
It looks a bit like it is repeating the situation of December 2017, where it went down by about 87% in 2 weeks. If I apply 87% drop from July 2024, it comes out exactly at the bottom of the channel. In December 2017 it then went up and later dropped another 14% from the bottom; if I apply that to the bottom of the channel it comes out at the green line (which is a copy of the situation in 2018 by the way). The green line matches with the major ressistance in July 2019 which will become a major support.
Interesting to keep an eye on.
It looks a bit like it is repeating the situation of December 2017, where it went down by about 87% in 2 weeks. If I apply 87% drop from July 2024, it comes out exactly at the bottom of the channel. In December 2017 it then went up and later dropped another 14% from the bottom; if I apply that to the bottom of the channel it comes out at the green line (which is a copy of the situation in 2018 by the way). The green line matches with the major ressistance in July 2019 which will become a major support.
Interesting to keep an eye on.
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