Veejahbee
Long

Ripple "XRPUSD" Set to Rally Higher in the Shorter Cycle

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hi Traders,
The XRPUSD (Ripple) bounced from a key demand zone and broke out of a descending trendline . The price has retested the broken trendline that lined up with a minor support level and is moving higher.

HOW FAR WILL IT GO? Elliot Wave has answers for that.
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From Elliot wave perspective, starting from the major low at 0.2826, the prices are making a 1-2, (i)-(ii) Elliot wave sequence suggesting a strong rally is in the corner.
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Price seems to be in wave ( iii ) of 3, and according to Elliot Wave 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.
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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.
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I will be updating the wave count as the price makes progress.

Thanks for reading!
Veejahbee.
Comment: The current wave count has been invalidated but the bullish bias is still valid.

The chart below shows the new wave count and trade idea
Comment: Ripple moving as planned with a series of 1-2, (i)-(ii), i-ii formation. We will be seeing a little retracement while the price will keep extending higher in the shorter cycle.

Comment: Wave 3 seems to be completed. We can now expect another deep in the wave 4, that usually find support at 38.2% retracement of wave 3 and the low of wave (iv) of lesser degree.

Comment: Ripple has completed a five-wave impulse and also making a new major correction now. This is the last update on this post.
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I will create a separate post for the major wave count.
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