According to my counting it is still in final subwave C of wave (4) and the market is deciding where C should end.
Therefore it has formed a which most of the time is but can also become extremely the longer it remains in the lower right corner of that triangle and the more the rises in this area. A outbreak of that triangle could lead to a final C target around 2.4 Cents (be aware!).
I am not convinced this triangle is as we can observe a slightly rising and a former outbreak of this triangle to the upside in the week of May the 13th (resulting in forming just a longer triangle at the moment). Instead, it is more likely we see a similar bear trap as in February/March 2017 which results in a parabolic movement to the upside afterwards. This bear trap would end near the legit area of former wave 4 around 16 Cents, forms a new upward channel (shown in red) and gives us an idea of the final targets.
The rest is explained within the chart itself.
As you can see, the new trianlge that has formed also points to a low around 16 cents but we have to wait another year (Sep 2020).
If the triangle is broken downwards before, it depends how this happens: any sharp(!) dip is in my opinion a bear trap with an extreme bounce potential afterwards (as seen before the end of wave (2)) while a slow but steady push downwards would be a very dangerous and unhealthy sign for XRP that includes the risk of breaking the whole upward channel (unlikely but not impossible).