As all the crypto market, XrpUsd has dropped hard and broke under very important 0.86-0.87 support
The corrective rebound of this drop came to confirm this old support as new resistance and now Ripple is looking down again.
Sell rallies against 0.9 can be a good strategy and 0.5 zone support can be the target.
Yesterday's low also can provide some kind of support
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Here is the top-down analysis for XRP, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
I've started analyzing XRPUSDT, and it's confuse me a lot. So I want to save my idea to remind me my expectation about XRP's roadmap based on what I learned from my class. Actually, because my experience is less than a year, I wasn't so confident about my analysis but some people said why don't give it a try? So lemme try this now.
Based on my "knowledge's"...
If we don't get a new low bellow .51 we have to assume this move up from the low of .51 is a 1-2 of its own. If that is the case we would be working on the wave 3 of a wave 3 of a wave 3. Which I would expect to be very explosive. We have a lot of confluence between the 3 fib extensions. If .51 is broken then I would eliminate the red count and would have to...
XRP broke down very important support level and now is going to test next support at around $0.50.
There's a chance it could bounce from there and complete 'M' pattern, after which the door down to $0.20 - $0.25 is wide open, although it looks horrible weak on weekly chart and starting collapsing on monthly.
The main point is the monthly candle has just started...
XRP looks to be forming one huge expanding diagonal for the entire bullrun. It is common for the 5th wave of an expanding diagonal to be truncated. I show target prices of $8.8 to $13.8 for this scenario.
I would point out, to be valid the 5th wave must be greater than the 3rd wave for a valid expanding diagonal, which occurs at a price of $2.4
Nothing much changed so far.
We are waiting right now for the next pivot so we can have a better picture of the pattern and time.
I will buy and open some longs around 0.56 $.
Xrp will take time probably until late February or beginning of the summer pivot .
Next Update is coming after Christmas. Cheers. Happy holidays.