Throughout October and December, we had a considerable increase in volume in the XRPUSD pair along with BTC breaking its ATH. I am fairly confident we have entered the parabolic phase of the XRP cycle as this, along with the RSI and key support and resistance areas have been signalling. Following the RSI back to December 2019 it is apparent that we have been consistently forming higher lows and higher highs on the daily RSI. Paving the way for a breakout.
Looking at the recent retracement to just below 0.44, we have just bounced off the 0.618 fib level. If we can maintain above the 0.44 low, which I think we will, then that would be the end of a wave 2 correction, and we could be setting ourselves up nicely for a wave 3 impulse.
The same set of conditions we see today led to the parabolic run of March 2017.
Be wary that XRP has a tendency to shoot past the 1.618 level during parabolic runs.
Nothing is random.
Stay profitable.
Looking at the recent retracement to just below 0.44, we have just bounced off the 0.618 fib level. If we can maintain above the 0.44 low, which I think we will, then that would be the end of a wave 2 correction, and we could be setting ourselves up nicely for a wave 3 impulse.
The same set of conditions we see today led to the parabolic run of March 2017.
Be wary that XRP has a tendency to shoot past the 1.618 level during parabolic runs.
Nothing is random.
Stay profitable.