XRP Market Cap With 2017 Fractal
Striking similarities between early 2017 price action on XRP market cap and our present situation.
I've overlayed the fracal from early 2017 and scaled it to fit our top of $2.92. If we follow the same pattern our bottom will be around $1.68.
Back in 2017 we consolidated for about month before we broke out from that local top. From there it took rougly another 15 days to reach the ultimate top. The scaled fractal points exactly to a 5.236 fibonacci extension. By today's supply that would amount to $8.50 per XRP.
Keep in mind I didn't take into account that there is XRP released from ESCROW every month and the supply is therefore increasing. Currently 57B in circulation and the maximum supply ever will be 100B. In conclusion, the longer it takes, the more likely it is that these price targets have to be adjusted (lowered).
Will we follow this fractal? Let's see how it plays out!
I've overlayed the fracal from early 2017 and scaled it to fit our top of $2.92. If we follow the same pattern our bottom will be around $1.68.
Back in 2017 we consolidated for about month before we broke out from that local top. From there it took rougly another 15 days to reach the ultimate top. The scaled fractal points exactly to a 5.236 fibonacci extension. By today's supply that would amount to $8.50 per XRP.
Keep in mind I didn't take into account that there is XRP released from ESCROW every month and the supply is therefore increasing. Currently 57B in circulation and the maximum supply ever will be 100B. In conclusion, the longer it takes, the more likely it is that these price targets have to be adjusted (lowered).
Will we follow this fractal? Let's see how it plays out!
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