Hello traders!
Today we look at XRP / USD analysis. XRP is the 3 largest cryptocurrency by capitalization. This coin is typical in that it has an absolutely different graph and structure than the remaining coins. Most people still remember it from 2017 when they made an extreme increase in 1 month. However, since then it has been very weak from XRP.
Current Condition:
Currently, XRP is finishing the 5th wave, which is beginning to look like falling wedge. Falling wedge is an absolutely typical pattern for recent waves because it's a reverse pattern that rotates the trend. The graph also shows the support that holds the entire structure. So it is quite possible that XRP starts to spin just before this support. However, this construction is very obvious and it may happen that the graph into the blue zone will not happen because the purchase orders will come sooner.
Once the XRP turns, its next move will be absolutely crucial. We must always think of several scenarios in trading. In the case of XRP, these two are considered.
Option 1
XRP completes its decline and turns either in our zone or already in front of it. Subsequently, it corrects upwards somewhere between 0.382 - 0.318 fibo levels and downtrend will continue. This may be the most logical and most likely to be technical analysis. But it has one big BUT and we will describe it in option 2.
Option 2
It is precisely that XRP will turn and rise. Therefore, it will not only correct the retracement, but it will continue to rise and this option is highlighted by a green arrow on the graph. The most likely would be the first option, but we have to look at the market as a whole. Bitcoin and other altcoins look really good and once Bitcoin and the rest of the alts are going to grow, XRP will not be an exception and simply go with them. Therefore, we must also consider the second option.
conclusion
If XRP fails to confirm its growth, I might be aiming for the very bottom support that holds us for the last half year. However, it is likely that if the entire market grows, XRP will also be raised. We have an analysis set up and now all we have to do is wait until the XRP reaches the blue zone, where the scenario will be valid.
Prepared
Ing. Jakub Kralovansky
Today we look at XRP / USD analysis. XRP is the 3 largest cryptocurrency by capitalization. This coin is typical in that it has an absolutely different graph and structure than the remaining coins. Most people still remember it from 2017 when they made an extreme increase in 1 month. However, since then it has been very weak from XRP.
Current Condition:
Currently, XRP is finishing the 5th wave, which is beginning to look like falling wedge. Falling wedge is an absolutely typical pattern for recent waves because it's a reverse pattern that rotates the trend. The graph also shows the support that holds the entire structure. So it is quite possible that XRP starts to spin just before this support. However, this construction is very obvious and it may happen that the graph into the blue zone will not happen because the purchase orders will come sooner.
Once the XRP turns, its next move will be absolutely crucial. We must always think of several scenarios in trading. In the case of XRP, these two are considered.
Option 1
XRP completes its decline and turns either in our zone or already in front of it. Subsequently, it corrects upwards somewhere between 0.382 - 0.318 fibo levels and downtrend will continue. This may be the most logical and most likely to be technical analysis. But it has one big BUT and we will describe it in option 2.
Option 2
It is precisely that XRP will turn and rise. Therefore, it will not only correct the retracement, but it will continue to rise and this option is highlighted by a green arrow on the graph. The most likely would be the first option, but we have to look at the market as a whole. Bitcoin and other altcoins look really good and once Bitcoin and the rest of the alts are going to grow, XRP will not be an exception and simply go with them. Therefore, we must also consider the second option.
conclusion
If XRP fails to confirm its growth, I might be aiming for the very bottom support that holds us for the last half year. However, it is likely that if the entire market grows, XRP will also be raised. We have an analysis set up and now all we have to do is wait until the XRP reaches the blue zone, where the scenario will be valid.
Prepared
Ing. Jakub Kralovansky