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.
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.
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.
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.
What is your thought about Ripple? Let me know in the comment.

Thanks for reading!
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:
Veejahbee BillCharison
@BillCharison, Good luck man. Nice analysis you got there!
Negative correlation between Bitcoin and other cryptos in a bull run. Keep an eye on it or your account could have some red numbers!

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!
@Veejahbee Nice strategy !
Veejahbee IgorPorokh
@IgorPorokh, Thanks man. Much Appreciated!
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.
@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
I dont like that wave2, it will break 2D MA120 and 3D MA120, it will become bearish.
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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