XRP has repeated this sequence 4 times, almost to perfection.
The first consolidation period lasted for approximately 9.5 days and resulted in a 533% rally from the previous ATH pivot. A retracement of 78.6% ensued throughout the second sequence.
The second sequence lasted 5 times longer than the first consolidation period and resulted in another 533% increase from the previous ATH pivot. A retracement of 78.6% ensued throughout the third sequence.
The third sequence lasted 5 times longer than the second sequence and resulted in (yet again) another 533% increase from the previous ATH pivot. I expect another 78.6% retracement to occur. This will put the price of XRP below 1$.
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The spike higher than the 533% level was a result of buyers continuing to purchase out of emotion, creating overbought conditions.
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Accounting for the slightly higher pivot (not calculated using the all time high), the retracement target is approximately 87c. This is the revised price.
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Target Achieved.
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87c Spot on.
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Possibly another opportunity for an entry coming up! $
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Aright, time for another entry back up to 2$! Idea to come soon!
So far your analysis was spot on, (and I thank you for it :)).
While I agree that the price will go down a lot, I was thinking of going back in around mid-January because of the upcoming events in the banking business, they will create news and movement in the market.
While the technical analysis is correct, I think the interest in the coin will grow and that will cause the bottom price to be around 95c or maybe even 105c.
GrantPeace
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@GoodmanSimon, Definitely a possibility. I will begin accumulation just under 1$
cryptocurrency16
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I respectfully disagree. People, banks, financial institutions are just beginning to adopt this technology. It will reinvent the banking and credit card industries in the coming years.
I have to agree. The second it goes on Coinbase "which we have all the reason in the world to believe it will its going to double in price immediately." Also they are set for multiple press releases in Jan. More banks and financial institutions will be going in on this tech. It's not going to .83usd.