Yurrr XRPeers,
If you have been following my analysis, you was also prepared yesterday to a possible sellout from all the news we got.
That sellout happen today. If you were watching the market, you saw volume peaking as retail dumped all their XRP at the peak and sellers got in aggressively bringing the price down to the $2.4 range.
As you can see in the chart, I have two possible price targets for this little correction happening so check it out below for explanation.
T1:
- This first target is assuming that yesterday's pump is part of the first impulsive wave of the W3(green).
- If this scenario is correct, I'd expect buyers hold that $2.3 level and prepare for another impulsive wave.
- The price action that XRP is going through right now is favorable to it. There is a clear ABC pattern with wave A having 3 moves, wave B having 3 moves, and the starting of wave C that is expected to have 5 moves to be completed.
T2:
- For the second target, I'm assuming that yesterday's pump broke the consolidation that was happening before and formed a new top for W1.
- If that is the case, price could have a retracement beginning on T1 but a downtrend continuation that will aim at T2.
I would also like to bring your attention to the RSI, where we can see our Higher Lows trendline being tested and could either be broken or held strong depending on what's happening next.
It is still too early to know and I still haven't figured out how to predict the future, but all we really need to do is observe and prepare accordingly.
Let me know what you think!
If you have been following my analysis, you was also prepared yesterday to a possible sellout from all the news we got.
That sellout happen today. If you were watching the market, you saw volume peaking as retail dumped all their XRP at the peak and sellers got in aggressively bringing the price down to the $2.4 range.
As you can see in the chart, I have two possible price targets for this little correction happening so check it out below for explanation.
T1:
- This first target is assuming that yesterday's pump is part of the first impulsive wave of the W3(green).
- If this scenario is correct, I'd expect buyers hold that $2.3 level and prepare for another impulsive wave.
- The price action that XRP is going through right now is favorable to it. There is a clear ABC pattern with wave A having 3 moves, wave B having 3 moves, and the starting of wave C that is expected to have 5 moves to be completed.
T2:
- For the second target, I'm assuming that yesterday's pump broke the consolidation that was happening before and formed a new top for W1.
- If that is the case, price could have a retracement beginning on T1 but a downtrend continuation that will aim at T2.
I would also like to bring your attention to the RSI, where we can see our Higher Lows trendline being tested and could either be broken or held strong depending on what's happening next.
It is still too early to know and I still haven't figured out how to predict the future, but all we really need to do is observe and prepare accordingly.
Let me know what you think!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.