This is how I am viewing current price action
I don't see a reason to be bearish here yet, unless you are just trying to predict
TOTAL still retesting previous ATH, BTC still trading above 4 year trend line & major VWAPs
I'll be reactive because I don't have a structurally sound reason to be bearish yet
$XRP detailed analysis (1/2)
Read until end if you want to understand how I currently view this price action and my thoughts going into the next weeks
I believe XRP is currently battling it's most important resistance zone it has ever faced in history
Throughout this post I am going to share many perspectives to nail this idea down
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Let's start with XRP/BTC
In the above chart you can see XRP is currently battling it's most important resistance against $BTC, in history
This resistance has rejected us 8 times over the last 7 years
Anytime it was fully broken, we have seen at least a 150% move
I placed a volume profile over it to see how little historical volume is over this level
Right now, price is trying to break the value area of the last 7 years, along with VWAP since the ATH in January of 2018
The above chart is the XRP dominance of the total crypto market cap
Just like XRP/BTC, it is battling the most important level in the last 7 years that it's been stuck under
This level is around 5% - 6% of the total crypto market cap
I believe if this level can fully clear, XRP is on it's way to owning 12% of the total crypto market cap
Above is a chart of XRP denominated in gold
We can see price is trying to fully clear the largest resistance over the last 7 years as well
Above is a chart of XRP denominated in the NASDAQ
Just like the previous charts, price is trying to fully clear the largest resistance of the last 7 years
Continued ⬇️