Quick analysis on XRP using both wave theory, Fibonacci analysis :
Wave theory Analysis:
1) XRP had a nice IMPULSE run-up from Apr 4th to Apr 13th going from $0.58 to $1.96 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a ZIG-ZAG correction look at my wave A-B-C where Wave A touched FIB 61.8% and Wave B is a symmetrical triangle with a nice (3-3-3-3-3) pattern
4) I believe the next one is corrective wave C which has just started and it's is going to come down to FIB 78.6% i.e. $0.9 where the support is tested again to see if it moves up in the next impulse leg up or go down - so watch out for this support line at $0.9
Summary :
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1) Looks like the bears are still in control
2) It's in the final leg of corrective Wave C
3) The support line $0.9 needs to be tested one more time and see which way the market is going to trend
Happy trading, feedback is always appreciated
Wave theory Analysis:
1) XRP had a nice IMPULSE run-up from Apr 4th to Apr 13th going from $0.58 to $1.96 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a ZIG-ZAG correction look at my wave A-B-C where Wave A touched FIB 61.8% and Wave B is a symmetrical triangle with a nice (3-3-3-3-3) pattern
4) I believe the next one is corrective wave C which has just started and it's is going to come down to FIB 78.6% i.e. $0.9 where the support is tested again to see if it moves up in the next impulse leg up or go down - so watch out for this support line at $0.9
Summary :
-------------
1) Looks like the bears are still in control
2) It's in the final leg of corrective Wave C
3) The support line $0.9 needs to be tested one more time and see which way the market is going to trend
Happy trading, feedback is always appreciated
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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.