- May 10, 2019
- Posted by: Tradingshot Articles
- Category: Uncategorized
XRP is currently consolidating after its late April bottom. Since February 2018 it has been making Lower Highs. Quite interestingly every High that followed and top made, it was rejected roughly on the 0.618 Fibonacci retracement level of the previous High to bottom. So far we can count 4 successful incidents in the last year, which makes it a highly successful pattern.
Assuming April 25 was the bottom, at the moment the next 0.618 Fibonacci retracement level is 0.34000, which is my long target.
Once this Lower High sequence breaks and a Higher High is made, we can safely assume that Ripple will initiate its next Bull Cycle.
After all, as pointed out on my long term XRPUSD outlook (comparing the 2015/16 cycle wo the 2018/19), we are only a few months away from an aggressive break out to new All Time Highs:
What do you think of XRP and this Fibonacci sequence? Can it work again? Is XRP only a few months away from new Highs? Let me know in the comments section!