Veejahbee
Long

RIPPLE "XRPUSD" BULLS SET TO RESUMES ANOTHER RALLY TO $1.

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hi Traders,

The RIPPLE "XRPUSD" daily chart above shows that the rally that started August 2018 from the major low at $0.24694 area took the shape of Elliot Wave five-wave impulse structure labeled (1)-(5). According to Elliot Wave theory, a three-wave correction in the opposite direction follows every impulsive move.
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In Ripple's case, the corrective wave unfolded as a double-three correction labeled (W)-(X)-(Y) in wave 2. According to the theory, once a 5-3 wave cycle is completed, the market is expected to resumes in the direction of the impulsive move.
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So the recent rally in May 2019 is wave (1), and the sharp decline that followed is wave (2), part of a five-wave impulse in primary wave 3 in a circle.
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If this count is correct, and as long as the price is trading above the invalidation level at $0.28261, we can expect another rally in wave (3) of 3 in a circle which has the potential to take the price to the $1 area in the weeks ahead.
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What is your thought about Ripple? Let me know in the comment.

Thanks for reading!
Veejahbee.
Comment: In the shorter cycle price action, the HOURLY chart below. Ripple wave (2) correction seems not to be completed and currently unfolding as a double zigzag/ double three pattern.

One of the common characteristics of a double zigzag is that wave (y) will most likely equal to wave (w), hence the blue zone 0.618 - 1 on the chart.

That level also lined up with 78.6% Fib of wave (1), a retracement level where wave (2) most time find support.

Comment: Pay attention to XRPUSD for a bullish reversal in the blue zone area. A double zigzag is about to be completed.
Comment: Traditional technical analysis also suggests a bullish move from that area. Price is sitting at a major demand zone that lined up with moving averages.

Comment: Ripple upside bias still remains valid. Price seems to be in wave (ii) of 3 and wave (iii) of 3 is about to lift the price to another 2019 high.

Good work, love this idea! :)

However, you're partially right because I also would buy XRP now, and that's why:
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Veejahbee BillCharison
@BillCharison, Good luck man. Nice analysis you got there!
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Negative correlation between Bitcoin and other cryptos in a bull run. Keep an eye on it or your account could have some red numbers!

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Veejahbee cryptohopper
@cryptohopper, I don't think XRPUSD is highly correlated with bitcoin and other cryptos. When bitcoin started rallying higher this year, XRP was stuck in a corrective mode.
If anything could go wrong, that's why there is an invalidation level on the chart where I will get out!
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@Veejahbee Nice strategy !
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Veejahbee IgorPorokh
@IgorPorokh, Thanks man. Much Appreciated!
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Nice chart. I do agree, but this is only possible if BTC bounces of the ~6k support. If not and BTC goes down to retest the 15 dec trendline (low 4k) for the third time, i think sub 0.28 will be met for XRP.
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@Nilles, I'm expecting bitcoin "wave 4" pullback to rejected around 6k level also. However, Elliot wave theory has rules, and if XRPUSD price breached the invalidation level on the chart, I would re-evaluate it
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I dont like that wave2, it will break 2D MA120 and 3D MA120, it will become bearish.
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Veejahbee superbinge
@superbinge, I also make use of mean value analysis. And it also suggests that price can drag wave (2) to around 78.6% retracement of wave (1).
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