Hi guys looking at XRP it is still extremely weak, there has been no virtually rally with BTC which ripple normally has in the past. The decoupling from BTC means we are range bound in this bearish flag/pennant. As you can see we are very close to completing our E wave to finally go down. The nearest support we can bounce off is $0.80 at the 0.618 retrace of the recent impulse up. Recently no support has really been found here so this fib could potentially fail which will bring us to the 0.786 retrace of the recent impulse at $0.71.
I believe BTC will soon rally to around 12k soon so look for XRP's response, if we see no breakout of this wedge then this nearly confirms that we will break below it once BTC corrects after its next rally (if it has one). If BTC simply fails to rally and goes under 10k then this scenario will carry out, just a lot quicker. In short watch for a break of the wedge either side before considering any position.
Thoughts and comments are appreciated and like and follow for updates and be sure to check out my past ripple analysis as it still very much applies.
*This is not financial advice*
I believe BTC will soon rally to around 12k soon so look for XRP's response, if we see no breakout of this wedge then this nearly confirms that we will break below it once BTC corrects after its next rally (if it has one). If BTC simply fails to rally and goes under 10k then this scenario will carry out, just a lot quicker. In short watch for a break of the wedge either side before considering any position.
Thoughts and comments are appreciated and like and follow for updates and be sure to check out my past ripple analysis as it still very much applies.
*This is not financial advice*
Trade active:
Even with good fundamental news and BTC rally XRP failed to close above the wedge. Aggressive traders could open a short from here, I strongly believe that the next BTC pullback will catalyze a break below the wedge and to the nearest support level.
