? Ripples Bullish Breakout Would Confirm Wave-5 and Reversal ?

2 min read

Hi traders,

Ripples (XRP/USD) seems to have completed 5 bearish waves (red) and could be ready for a bullish reversal if price manages to break above the critical 21 ema zone.

XRP/USD

Day


XRP/USD is showing bullish momentum but price has not managed to break the key 21 ema resistance zone as yet. A bullish breakout could confirm a wave 1 (blue) pattern and indicate a potential reversal whereas a bearish break could indicate a downtrend continuation.

4 hour


So far price has either made a 123 (green) or ABC pattern, which depends on the next breakout direction. If price makes a bullish breakout, then a wave 5 (green) is likely to take place. The wave 5 could go towards the weekly R2 or R3 pivot points. A break below support (blue/purple lines) makes a bullish breakout less likely and in fact could indicate a bearish breakout. Currently price is moving away from the 21 ema zone on the 4 hour chart to the upside and hence a bullish impulse seems to be starting.

Good trading,
Chris Svorcik
Elite CurrenSea

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