Patience. Wave E of E on Macro triangle may not be finished yet.
XRP has been working on a macro contracting triangle for a few years now. Typically, one of the waves inside the triangle is also a triangle. I believe we have that here within macro Wave E. The smaller triangle may already be complete as there is a sharp (3-wavish) move on 30min that has already bounced from my zone.
I know XRP is a slow poke though, so I wouldn’t be surprised if it takes it’s time.
If it wants to continue breaking down, the green box is likely the best area for support before breaking out towards next major resistance around 50B.
I know XRP is a slow poke though, so I wouldn’t be surprised if it takes it’s time.
If it wants to continue breaking down, the green box is likely the best area for support before breaking out towards next major resistance around 50B.
Comment:
Solid backtest so far.
XRP is likely to play around in the area between 36.5-41.5B. Possibly for a few days up to a week. It can take longer, it's really up to market makers.
EW small timeframe - It looks like it needs a final 5th wave (41.5B) and then a corrective wave (~37.5B) back down before starting the next impulse. However, if that count is wrong(behind), it may not spend that much time here.
XRP is likely to play around in the area between 36.5-41.5B. Possibly for a few days up to a week. It can take longer, it's really up to market makers.
EW small timeframe - It looks like it needs a final 5th wave (41.5B) and then a corrective wave (~37.5B) back down before starting the next impulse. However, if that count is wrong(behind), it may not spend that much time here.
Next stop is 50-52B, which I hope it blows right through as it plays catch up. However, that spot is our recent local top and macro .382 retracement from 2017 ATH (128.5B).