I believe that we just finished wave 3 of elliot's wave along with the retracement wave 4. The first wave of elliot's wave's bull run brought us from mid 1400sats to roughly 5200 sats on POLONIEX. I know that other exchanges crushed the POLONIEX's ATH such as bittrex and binance but that is the price POLONIEX pays for allowing margin trading. Anyways, wave 2's retracement was about 40% of the runup and wave 4 also had a 40% correction. Based on this alone, I think it is safe to say that we are done with the retracement of the run and we are preparing to enter wave 5. and indicates that we could be moving sideways for a while. The timeframe between wave 2 and wave 3 was about 6 days, so I expect the timeframe to be similar but with the holidays rolling around... It might actually be longer. Regardless, expect to be in the sideway market for a few more days at best, and at worst a week.
We would need to break 9000sats for a confirmation breakout so investors can either get in now (at your own risk due to BTC's uncertainty... which is looking better and better with the formation) or wait until the confirmation breakout and buy in. XRP is to release one more major partnership (rumored to be uber/amazon) before EOY along with RippleNet! This will be a big fat run for the last and fifth wave of elliot's theory. I expect the run to push towards 12.5k sats where it will meet resistance based on previous trends during MAY2017. However, I do believe that we will be able to push passed this because XRP has been a hot topic discussed within the crypto-world and the non-cryptoworld.
Lastly, a reminder that this is not investment advice but rather my take on XRP:BTC's chart.
I've updated my chart a bit to match BTC's dump, which pulled XRP down to the 6ks. We are trending within the channel and have bounced off the lower limits of it. RSI is trending upward along with MACD. XRP is still showing bullish signs and volume is pikcing up slowly, but surely. Hopefully the whole fake segwit2x fork that is to happen tomorrow will occur without much turbulence for XRP.
Happy investing folks!
Hope you guys made some good gains :)