our assumptions:
XRP BTC highly correlated as everyone knows
2017 highs: BTC: 14.000$-19.000$, XRP: 2$-3$
current levels: BTC: 7200$, XRP: 0.19$
losses since 2017 highs: BTC: 50%-70%, XRP: ~90%
our observation:
XRP has a rocksolid support at 0.15$ <=> 0.000025 BTC by now
everytime we shift into being oversold on the RSI and also move towards that support we see a huge uptrend on XRP relative to BTC.
our situation:
we are at that rocksolid support for quite a while now
bitcoins gained 5%-10% just recently
RSI shifted into being oversold
now if bitcoin DOES NOT drop 20-40% like we are used to in mid-january we might see a reversal to the 0.618 or 0.5 Fibonacci-Retracement for XRP (relative to bitcoin).
to support that we also saw quite good news for the company ripple if i remember correctly.
take that with a grain of salt, its crypto.
XRP BTC highly correlated as everyone knows
2017 highs: BTC: 14.000$-19.000$, XRP: 2$-3$
current levels: BTC: 7200$, XRP: 0.19$
losses since 2017 highs: BTC: 50%-70%, XRP: ~90%
our observation:
XRP has a rocksolid support at 0.15$ <=> 0.000025 BTC by now
everytime we shift into being oversold on the RSI and also move towards that support we see a huge uptrend on XRP relative to BTC.
our situation:
we are at that rocksolid support for quite a while now
bitcoins gained 5%-10% just recently
RSI shifted into being oversold
now if bitcoin DOES NOT drop 20-40% like we are used to in mid-january we might see a reversal to the 0.618 or 0.5 Fibonacci-Retracement for XRP (relative to bitcoin).
to support that we also saw quite good news for the company ripple if i remember correctly.
take that with a grain of salt, its crypto.
Comentário:
as for now it looks like we will have to retest the blue trendline