The XRPUSD (Ripple) bounced from a key and broke out of a descending . The price has retested the that lined up with a minor and is moving higher.
HOW FAR WILL IT GO? has answers for that.
From perspective, starting from the major low at 0.2826, the prices are making a 1-2, (i)-(ii) sequence suggesting a strong rally is in the corner.
Price seems to be in wave ( iii ) of 3, and according to principle, the 3rd wave is usually the longest out of the three impulsive waves, and it has the potential to reach 1.618 multiple of wave (i) and beyond.
So in the near term, as long as price stays above 0.29913 invalidation level, Ripple can reach 0.3563 and beyond in wave ( iii ) of Minor wave 3.
I will be updating the wave count as the price makes progress.
Thanks for reading!
The chart below shows the new wave count and trade idea
I will create a separate post for the major wave count.