XRP Wyckoff Distribution now forming

Maybe I'm just a hammer who's starting to see every chart pattern as a Wyckoff, but we've broke strongly below our ascending support & a full wyckoff is able to be drawn on the hourly, suggesting that we're about to see the price correct back to it's mean of $0.74 again. This makes sense in my mind as I was under the impression that a healthy rally off the distribution pattern would have brought us back to the $0.74 range, which we overshot by nearly 20%. This also suggests that we'll oversell in our attempt to return to mean and see the price capitulate as low as $0.67 before entering another accumulation phase.

Keep in mind, this is an hourly chart, so though this pull back may feel bad, I'm still confident in my previous call of XRP returning to +$1.13/2700 sats if not by the end of the week, then early next week. If the charts start to tell a different story, I'll do my best to provide a bit of a forewarning.

Comment:

Well the chart appears to be telling a new stoey. As a result I'm now in a 50/50 split position now, as the volume that drove this pump appears have liquidated a lot of bears. I'm now no longer confident in a retracement below $0.70 and so am opting for a smaller but safer increase in my position.

I've deciding to make this move as I'm more interested in preserving/increasing my XRP position, over protecting my USD value. I'm intending to be all in again upon a retest of the $0.77 resistance range this rally broke with prejudice. If we fail to retest $0.77 before further rallying, I'll be all in once again at $0.94, as any higher would result in losing my position I had prior to this trade.

I would not recommend anyone mimic my current decision unless you are prepared to accept holding heavy bags should this be a bull trap. I've been investing into XRP for years now and am confident in the latent potential of it's fundamentals.

Comment:

Damn whales. I knew it was a wyckoff, I should have just been patient and trusted the data, would have net way more. This has been a lesson in not questioning myself when I spot a wyckoff. The pattern will complete, even if it takes a while.