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marcyacoub
Jul 20, 2022 7:45 AM

XRP/USDT Short Opportunity Short

XRP / TetherUSBinance

Description

Looking at the whole crypto market, it looks like we still haven't reached the bottom yet. Looking at XRP/USDT, the price may have finished 5 waves up (intermediate cycle), thus a correction is now expected. Also, zooming in at wave 5, we can spot a rising wedge formation which makes the possibility of a correction more valid.

If the price manages to go down, our first target will be the previous wave 4 at 0.3550. Breaking below this zone will push the price for more downside possibly towards retesting the beginning of the yellow trendline at around 0.3153. Goodluck!

M.Y.
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