But instead i will leave it purely technical. If you're an elliotician, you will understand the graph, but i will post a high res pic as well incase it doesnt show everything in the window above.
XRP has finally finished its correction from the high of around $3.3 on poloniex and upto $3.8 on some other exchanges. it has completed a full 1 wave from its lows of $0.005 and has finally finished correcting its 2nd wave.
We are about to enter the third wave and its already looking promising. I expect a minimum target of $5 (and thats being conservative) for XRP this year.
My opinion: GO LONG!
here's the pic for better view of the entire graph
we seem to have completed a wave 1 of the larger degree wave 3.
the 5th wave that completed this wave was quite extended, reaching almost 80c USD.
We can now expect a wave 2 between 50 to about 65% re-tracement of the entire move up from 25c.
here's a rough projected outcome: (the retreacements, i.e. waves 2 and 4 may take longer than drawn, this is just for visual purposes).
I will be updating xrp against the btc chart in this post, but its a similar count against usdt (ill post a rough pic for that too).
this is going based of a completed 1 wave, and now we're well into the correction. im counting this based on having an ending diagonal for the C wave of the ABC correction for the top, and we're currently in the 3rd wave of the C wave of the largest degree. here's a rough projection of this idea.
and here is a rough count on the xrp/ usdt chart:
so ive updated my count as the previous high got took out, i now believe we've only completed the A wave of an ABC and are under way into our B wave.
i think by tomorrow night / early monday the correction will be done, but i will continue to update.
looks like we're going up for the C wave of the B wave of a higher degree ;)
so a slight adjustment to the counts (its a similar story for the xrp/usdt pair)
it seems that we're having a complex correction for the B wave of the ABC down of a larger degree. here's how i see this panning out roughly
Its probably worth mentioning that i will show one count on xrp/btc and the alternate on xrp/usdt, but both pairs are pretty much identical in pattern, so which ever count that turns out to be true, will apply to the other pairing as well.
xrp/ usdt - alternate count:
so we may have had a truncated c wave for the B wave of the largest degree, and if this is the case, then we may already be on our way down to C of the largest degree.
xrp / btc - original count:
basically continuing with the very complex b wave corrective of the laregest degree B wave, we may have just finished or just about to complete, should then complete the C wave of the largest degree B wave, and then one more time down to put in the C wave and finally complete the 2nd wave of the largest degree. it is possible that we dont quite get that low depending on market strength, but the most probable zone for a wave 2 is between the 0.5 and 0.65 fibs.
It is important to also mention for those who don't quite understand elliot wave analysis, that in both these scenarios, once the bottom is reached, we will have another pump to possible around $1.2 or so usd.
XRP / USDT :
so the alternate count mentioned earlier seems to be the correct count so far, though there are other small variant possibilities, but all still similar to this count, I'm going with this until it fails.
Expecting at least one more wave down to complete the C wave, from here i expect us to start the third wave, though its possible that we also get an X wave up and enter into a complex correction; it is unlikely however if this is only a wave 2 corrective as they tend to be more often than not, a simple ABC correction.
so i've now updated my count and trying to make sense of this movement, i think the C is in, but we will be much more certain if this 5th wave up completes above the first blue horizontal dashed line, and even more so, if it goes above the upper dashed line; this will more or less confirm that the ABC correction is over and we have just put in a 1 wave of the 3rd wave of a larger degree.
having a closer look, i think we may be putting in an ending diagonal for the 5th wave of this 1 wave. We can then expect a 50% - 65% retracement of this move up from C, but it is possible to only retrace around 30%-40% depending on market strength and having flipped bullish.
will continue to update this count to keep on top of it, this count is also similar and applicable to the xrp/usdt pairing.
so in the previous update, i thought that we may be putting in an ending diagonal for the 5th wave of the 1 from the bottom of around 6800 SAT, but it turned out that it was a normal impulsive motive wave. we've since corrected; below is where i see this going in the short term:
On a side note, in my personal opinion, around the 0.618 fib level where the green ii is placed, i think would be a great entry for a long, laddering down upto the 0.786. Alternatively you can wait for an impulsive 5 waves up, once the bottom is reached and get in on the 0.5 of that move.
XRP / USDT is a similar count.