Just like Bitcoin and other Altcoins, XRP is experiencing a temporary upward correction.
The correction is strong & deceptive.
The chart is closing in to retest the upper boundary of the downward trend marked by a blue line on the chart.
The lower Blue support line & The green upward channel helped in this strong push. The Green channel will also be retested on its upper limit.
Regarding Elliott waves, XRP is now finishing major wave 2 of the downward trend, lagging behind other coins. Wave 2 retracement is usually deep, thus the present aggressive upward move compared to lesser ones in other altcoins.
We expect wave 2 to reach Fib 0.786 coinciding with the last upward corrective wave C at Fib 3 as seen on the chart. The price will be around 2.47 hitting the upper blue resistance line with force, thus provoking a strong opposite downward reaction.
A large FVG has been formed which will attract the chart to quickly fill it on the way down.
We expect the chart to resume a downward aggressive wave 3 compared to a free fall. The final outcome after wave 3,4,5 is around 0.65.
Safe Trade.
The correction is strong & deceptive.
The chart is closing in to retest the upper boundary of the downward trend marked by a blue line on the chart.
The lower Blue support line & The green upward channel helped in this strong push. The Green channel will also be retested on its upper limit.
Regarding Elliott waves, XRP is now finishing major wave 2 of the downward trend, lagging behind other coins. Wave 2 retracement is usually deep, thus the present aggressive upward move compared to lesser ones in other altcoins.
We expect wave 2 to reach Fib 0.786 coinciding with the last upward corrective wave C at Fib 3 as seen on the chart. The price will be around 2.47 hitting the upper blue resistance line with force, thus provoking a strong opposite downward reaction.
A large FVG has been formed which will attract the chart to quickly fill it on the way down.
We expect the chart to resume a downward aggressive wave 3 compared to a free fall. The final outcome after wave 3,4,5 is around 0.65.
Safe Trade.
Trade active
The lower support line will be breached soon.Note
Today's retest & rejection of the lower boundary of the upward channel favors a further bearish move.Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.