“Fibonacci Retracement Levels Serve as Potential Areas from WHICH PRICES REASUME The PRIMARY TREEN.”, – WRITE: www.coindesk.com
Xrp Reached A Peak of $ 3.40 in Mid-January and Has Since Enterned A Downtrend, with The Price Droping 25% This MONTH TO $ 2.28, Accounting To Data From Trading and Coindesk.
While the Sell-Off Has Been Steep, It Corresponds to Only A 38.2% Fibonacci Retracement of the Rally That Started At Nov. 4’s Low of 49.5 CENTS THRUGH The Jan. 16 High of $ 3.40. A Retracement is a Drop from the Principal Trend.
This Positive News for Xrp Bulls, As that Level, Along with The 50% and 61.8% Ratios, Indicates Potential Areas for the Price To Resume It Preven.
Trends offten Pull Back to Tese Levels Before Initiating Larger Rallies. That means xrp bulls have reason to be optimistic about potential gains ahead.
Moreover, There Has Been Some Positive News Flow Regarding Xrp Recently. On monday, etf.com Said Brazil’s Securities Regulator Had Registered The First Spot Xrp Exchange-Traded Fund Valores mobiliários (cvm).
US REGULATORS ALSO REVIEWING APPLICATIONS FOR XRP ETFS. A Potential Approval Could Accelerate Institutional Demand for XRP IF IF The Uptake of Bitcoin (BTC) and ETHER (ETH) ETFS is Any Guide.
Xrp’s Daily Chart with Fibonacci Retracements. (Coindesk/TradingView)
The Fibonacci Series Comprises Adding the Two Preceding Numbers to Find the Next Number. The Sequance, WHICH HAS BEEN OF INTEREST TO MATHEMATICANS AND SCIENTISTS FOR CENTURIES, OCCURS IN THE FOLLOWING MANNER: 1, 3, 5, 8, 13, 21, 34, 55, and and so on. The ratio of any Number to the Next Higher Number is Close to 0.618 and if you divide any Number in the Sequence by the Two Spaces to the Right, You Get 38.2.
Traders Use Tese Ratios and the 50% Level to Predict How’s Far An Asset Might Retrace The Primary Trend, in Xrp’s Case, The Bull Run.
IT’s A Different Story for Dogecoin Because A Primary Trend is Considered to have ended WHEN A RETRACEMENT OF EXCEEDS The 61.8% Level.
The World’s Largest Meme Cryptocurrency by Market Value Has Dropped Below 21 Cents, Retracing More 70% Of The Rally Marked By October Lows Near 10 CENTS AND A HIGH.
Doge has dropped Below The 61.8% FIB, ENDING The UPTREND. (Coindesk/TradingView)
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