The price of XRP was recently pumped and dumped. After a rise from 0,25 USD to almost 0,80 USD we observed a plunge back to 0,30 USD. What is interesting, the correction that has been observed in recent days consists of three waves labeled as ABC. So we could talk about a simple corrective movement with wave C that seems to be created thanks to the lawsuit against Ripple Labs from the SEC.
From the technical point of view if an area of 0,30 USD is defended, where 100 percent Fibonacci expansion is located, the market may end the correction and start the new upward movement. The first potential confirmation could appear after a 0,4522 USD breakout.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
From the technical point of view if an area of 0,30 USD is defended, where 100 percent Fibonacci expansion is located, the market may end the correction and start the new upward movement. The first potential confirmation could appear after a 0,4522 USD breakout.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.