We turn to the pre-Swell XRP pump. Looking at XRP on the smaller timeframes actually led me to make several trading mistakes as I got ahead of myself and didn't think objectively but got tied up in the excitement.
The pre-Swell pump is just the Wave 1 of a new pattern for XRP and features the sub-waves that EW traders look for. The retracement from the local high that XRP hit should have been expected by myself, but I looked at too small a scale. If we look at the weekly chart for XRP we can see that XRP remains in oversold territory with moves by the , , and . Also, looking at the retrace from the local high we see that $0.46 is the 38.2 Fib Retracement level. This is the likely point at which the XRP pullback will stop. From there we will target the of Wave 1 presenting us with a target of $1.12 for Wave 3.