The scenario where XRP goes above 0.30
If you look left XRP is revisiting levels from 3 years ago during alt season. Xrp was one of the biggest beneficiaries of that pump, these are levels that could potentially hold a lot of liquidity.
If you think about it, anyone who has been holding will have orders down there. XRP is the only one the "majors" that dipped below the 2017 low.
Was this a violation of structure or a deviation?
The argument for a deviation:
This scenario requires the 2017 lows to hold, If these levels hold we could see prices trade above 0.30 for a while.
Price will dip for a while bounce at/above the 2017 lows then a slow grind higher.
The violation of structure argument:
This scenario requires the 2017 lows to break with a violent move lower, the next stop would be 0.07 or slightly higher.
This is my Marko view. It could take 6-18 months to play out, but this is what I'm seeing.
If you look left XRP is revisiting levels from 3 years ago during alt season. Xrp was one of the biggest beneficiaries of that pump, these are levels that could potentially hold a lot of liquidity.
If you think about it, anyone who has been holding will have orders down there. XRP is the only one the "majors" that dipped below the 2017 low.
Was this a violation of structure or a deviation?
The argument for a deviation:
This scenario requires the 2017 lows to hold, If these levels hold we could see prices trade above 0.30 for a while.
Price will dip for a while bounce at/above the 2017 lows then a slow grind higher.
The violation of structure argument:
This scenario requires the 2017 lows to break with a violent move lower, the next stop would be 0.07 or slightly higher.
This is my Marko view. It could take 6-18 months to play out, but this is what I'm seeing.
