Veejahbee
Long

Elliot Wave View: Further Strength in Ripple Short Term

BITFINEX:XRPUSD   XRP / U.S. Dollar
The XRPUSD "Ripple" has been moving higher in wave (3) since the bottom of the May 23 low at 0.35976.

The recent rally from wave (2) low at 0.35976 unfolded as an impulse Elliot Wave structure in wave (i) in blue. According to Elliot Wave Theory, a three-wave pullback follows every impulse move before price resumes in the direction of the larger trend.
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This rings true for Ripple, as the subsequent move from wave (i) high at 0.47584 unfolded as a three-wave a-b-c zigzag corrective pattern in wave (ii). The pullback also retraced 78.6% of the rally in wave (i), besides wave c of (ii) equal wave "a" in the blue box which is a common characteristic of a zigzag .
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Considering that wave (ii) has met all the requirement, we could expect the price to start moving in the direction of the impulse trend in wave ( iii ). And as long as the price stays above the minor invalidation level at 0.35976, Ripple price has the potential to reach 1.618 Fib extension of wave (i) at $0.57201 area.
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Check out the link to see my long term forecast on RIPPLE.


Thanks for reading!
Veejahbee.
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