XRP heading for 70% correction to 60 cents?
2024-12-03

17 days ago the “Incoming 40% collapse for XRP” idea was published at 1.15. Price action has rallied another 130% since then. Emotions are aplenty throughout the comment area with demands for a refund, and bulls now calling for an additional 10x by this time next year.

Whether this idea is right or wrong is not the point, it is about facts.

The facts:

1) Price action is now at legacy resistance from 2017 (see chart below). In other words, if you’ve held this token since that time this is now your first chance to secure a 0% gain.

2) Price action is outside the Bollinger Band just as below. Why is this time difference?

2a) RSI support breakout.
2b) This is also true for the XRP.btc pair, which was not true before.

3) Lastly the Bollinger Band is now curling up and inwards (like in the Dogecoin idea), momentum and volume is now leaving this market.

4) Price action is up 10x from the lows. A correction for 70% instead of 40% is forecast. Price action must backtest the resistance breakout as support to confirm uptrend.

Is it possible price action continues up? Sure.
Is it probable? No.

Ww



Legacy resistance on Monthly

