XRPUSD 4H
I assume the current corrective structure (-4° channel) to be the second wave of wave c of a larger degree - which might either play out in a three wave abc structure or an abcde five-wave structure, followed by an impulsive break to the downside. The levels I am keeping an eye on are $0.65 (key support) and $0.45.
$0.45 acts as a heavy confluence area, as it is not only the absolute trough of former wave 2, but also a daily demand zone and the -27.2% fib target of (a)(b).
For now, I'm absolutely not interested in opening longs, but in case price proves me wrong, I'll be waiting for an impulsive upside move on the 1H - favourably with a break & close above $1.72 - and would look for a buy opportunity after a pullback.
Unless we'll see a huge spike to the downside, price must hit $0.45 no later than the end of the 1st week of February and $0.65 no later than the 2nd week of February - assuming price proves me right. However that's all quite speculative. As said in my previous analysis, I'm simultaneously monitoring BTCUSD -5.93% , as the correlation is still quite strong. 8.2k-7.8k is the potential buy zone, I've marked on the chart. The link to the BTC -5.93% idea is attached below.
Safe trades!