XRPUSD: 5 month consolidation ends and targets $8.00

XRP has turned bearish on its 1D technical outlook (RSI = 41.730, MACD = -0.027, ADX = 31.602) as the price has failed to break above the very tight consolidation that started after January's High. This pattern is however very similar to the June - November 2017 consolidation, which was the last accumulation phase before the eventual January 2018 top of that Cycle. That was accomplished a little over the 1.382 Fibonacci extension. This indicates that we should stay bullish on XRP as it can target again the 1.382 Fib, TP = 8.000.


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