πŸ” Ripples (XRP/USD) Awaiting New Low to Complete Wave 5 of C πŸ”

2 min read

Hi traders,

Ripples (XRP/USD) could be in the final phase of completing a bearish ABC (dark orange) pattern and might have one new low remaining before an uptrend is able to start.

XRP/USD

Day


Ripples had interesting and positive news yesterday after it was announced that Clinton is appointed as a keynote speaker at the Swell conference. This probably created a small bullish bounce at the support of the sideways zone (purple box) but the larger picture remains bearish due to the strong bearish momentum (red arrow). A bearish breakout below the zone could mark a new low to complete wave 5 (dark red) of wave C (dark orange).

4 hour


Within wave 5 (dark red) of the daily chart, there is a potential for 5 internal waves marked in red. Price seems to have stopped at the 38.2% Fibonacci retracement level of wave 4 vs 3, which is typical for a wave 4 (red) and could complete that correction. Price is probably in a final wave 5 (red). The bulls are only back in control (blue arrows) when price is able to break above the 38.2% Fib and 50% Fibs (red boxes).

Good trading,
Chris Svorcik
Elite CurrenSea

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