XRPLong
Second $XRP Elliot Wave is over now
Updated
The XRP re-test of the $2 level could be the end of the 2/5 Elliot Wave of the #Ripple bullish cycle.
The bullish potential is based on:
- The recent launch of #RLUSD,
- Trump's embrace of US #altcoins,
- the appointment of a pro-crypto SEC #chairman
- the resolution of Ripple's legal battle with the #SEC, and
- the approval of the XRP-focused exchange-traded funds [#ETF]
XRP re-test of the $2 level could be the end of the 2/5 Elliot Wave of the #Ripple bullish cycle.The bullish potential is based on:
- The recent launch of #RLUSD,
- Trump's embrace of US #altcoins,
- the appointment of a pro-crypto SEC #chairman
- the resolution of Ripple's legal battle with the #SEC, and
- the approval of the XRP-focused exchange-traded funds [#ETF]
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The classic five-step Elliot Wave proportions are based on 1st Wave being the base of the measurement.
Wave 2 usually retraces 38.2% to 61.8% of Wave 1, but never goes beyond the beginning of Wave 1.
Wave 3 is often the longest and strongest wave in an impulse, and it typically extends 161.8% or more of Wave 1 (up to 261.8%).
Wave 4 retraces about 23.6% to 38.2% of Wave 3, and sometimes up to 50%, but never goes below the start of Wave 3. It should not overlap the price range of Wave 1 in a standard impulse wave.
Wave 5 usually matches about 61.8% of the length of Wave 1, but it can go as high as 161.8% of Wave 1 or Wave 3 in strong trends.
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