Here I am finally sharing the SECRET REASON WHY I WARNED last Apr 17 that XRP would retest 0.60 when XRP broke down ascending triangle & bounced vigorously towards 0.80. I said it would not be able to go pass my 0.79 to 0.82 pivot zone & would quickly go back down to retest 0.70 or even 0.60.
History only shows 2 data points on Binance chart so I was not 100% confident. Last 2 time DXY peaked out were Jan 8,2017 & Mar 19,2020. These 2 dates coincided very closely also to the bottoms of XRP.
Going forward: DXY seems to be very near topping out again at an impt resistance at 104. Does it mean that XRP is also very near bottom?
Also, 0.60 is an impt 0.854 Fib retracement of the last big rally. The first retracement to 0.618 was not enough to make a new high but only an equal high at 0.91 & fell so massively with big red candles. Naturally we expected a short relief rally but definitely it will be an abc zigzag down to 0.60. It actually overshot lower to 0.5684 & I fear the bottom 0.5522 might be retested if DXY continues higher than 104.
In any worse scenarios, the 0.50 to 0.48 zone must NOT be broken.
No one really knows how high DXY will go since there is still another resistance at 120. What we know is that we can monitor DXY carefully when it will indeed peak out near 104 that may add another data point to XRP’s technical analysis .
Not trading advice