I've added in a Fibonacci retrace graph to my tracking of XRP. In my last post, I said if all goes well, we should see an ascending triangle to around the 0.5 level before a breakout. I still believe that's possible, but there are things to consider here when analyzing its progress.
XRP stopped short of where I expected when it broke the Falling Wedge, and the Fibonacci explains a little why. The lower resistance is the 0.236 line from the drop of initial Surge in price that we experienced in late september. It's right where XRP stopped when it broke the Falling Wedge.
So I still believe the Ascending Triangle is still possible, but it's two sets of resistance against one at the moment. If it does, XRP could retrace up to 0.53 at the 0.382 line and even 0.58 at the 0.5 line. Remember, though, that XRP should not be considered on a bull run unless it can hold the 0.382 line after it breaks it.
If the current support line breaks and we see XRP go lower, however, the Upper line that was the Resistance of the Falling wedge now becomes a support. And we will XRP test that line before going back up.
XRP stopped short of where I expected when it broke the Falling Wedge, and the Fibonacci explains a little why. The lower resistance is the 0.236 line from the drop of initial Surge in price that we experienced in late september. It's right where XRP stopped when it broke the Falling Wedge.
So I still believe the Ascending Triangle is still possible, but it's two sets of resistance against one at the moment. If it does, XRP could retrace up to 0.53 at the 0.382 line and even 0.58 at the 0.5 line. Remember, though, that XRP should not be considered on a bull run unless it can hold the 0.382 line after it breaks it.
If the current support line breaks and we see XRP go lower, however, the Upper line that was the Resistance of the Falling wedge now becomes a support. And we will XRP test that line before going back up.