For now, it seems that it wants to quickly touch the symbolic $1 level, in order to decide then on its future value. Now the questions is, will we see that?
No one knows for sure, but if Ripple is planning in the future to take the previous highs at around $3.31, then it might just briefly touch the $1 and then have a quick turn around. The slightly confirms that possibility, even though the lower band is around 1.24900. But we all know that is not a wall. It’s more like a rubber cling film, that gets pierced occasionally by the candles, but manages to slow them down a bit.
Recently we had news about some countries coming out with more regulations to control cryptos. Now, I believe that this is done on purpose for those that missed a good run on the top cryptos, so that others could join in on the action. If apply the method, then we can assume, that it is now completing correction pattern. I might be wrong, but I don’t believe that now is the total devaluation happening… at least not yet…
I believe that this drop was much awaited and we could see some BUYing action later on. It is meeting a nice resistance of 1.24950 (one of the key breaking levels in December 2017). I believe that we could, potentially, take out the previous highs and head higher to at least a beautiful number 5. But, of course, no one knows exactly… apart from Goldman Sachs, or something… kidding… =)
Anyway, as always, guys, stay safe and keep an eye on the price action!