Exsilium
Long

$XRP - ABC Correction Structure Change - Low 0.35 then 0.46-8

BITSTAMP:XRPUSD   XRP / U.S. Dollar
The underlying structure of Wave 2, a correction Wave of the Minor series (yellow), has changed. We could still be looking at a simple ABC formation, expected with Wave 2 typically, or a more complex triangle wave (see the offset pattern on chart in orange).

As long as the red trend-line that has supported wave 2 and 4 of the Minute series (orange) holds were still bullish . I do not expect Wave C to extend past Wave A at this point as Wave A was nearly at the 0.50 fib retrace point. This means we will either end up with a Flat ABC or a Triangle (ABCDE). This assumes the bullish trend holds.

In theory, Wave 2 of a reversal can retrace nearly to the start of Wave 1, the so-called disbelief wave, but I do not see potential for that with the whole market currently on a bullish run. If Bitcoin stays above 4k for another day a lot of traders will see that as a confirmation of the bullish reversal and Ripple will follow the crowd as it still is coupled with Bitcoin price action.

The next Wave 1 of the Minor Wave (yellow) has some pretty significant levels to break, namely Monthly Pivot and the Monthly HA Pivot , and just above that the Monthly (P+R1)/2 PP . A break of the two Monthly Pivot points , should provide enough catalyst to reach the 1.272 fib ext of Wave 1, if not more. If you can catch the ride between Wave 3 and 4 you should be able to gain 0.05 on your position.
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