🔄 XRP – ABC Retracement in Progress | Eye on 0.618 Fibo Support
XRP is currently undergoing a healthy correction following a recently completed 5-wave impulsive move. We've just completed wave A of what appears to be a classic ABC corrective structure, with the A-leg terminating precisely at the 0.5 Fibonacci retracement level of the previous impulse — a key technical zone often associated with profit-taking and bounce potential.
📉 Technical Highlights:
Price has bounced from the 0.5 Fibo, suggesting short-term support.
Momentum indicators are turning bullish.
Bullish divergences are forming on lower timeframes (LTF), hinting at potential continuation of the bounce.
📈 However, this current rebound is likely part of wave B, and I anticipate that the correction will extend toward the 0.618 Fibonacci retracement level, which aligns with deeper structure confluence and could act as a stronger area of interest for buyers.
XRP is currently undergoing a healthy correction following a recently completed 5-wave impulsive move. We've just completed wave A of what appears to be a classic ABC corrective structure, with the A-leg terminating precisely at the 0.5 Fibonacci retracement level of the previous impulse — a key technical zone often associated with profit-taking and bounce potential.
📉 Technical Highlights:
Price has bounced from the 0.5 Fibo, suggesting short-term support.
Momentum indicators are turning bullish.
Bullish divergences are forming on lower timeframes (LTF), hinting at potential continuation of the bounce.
📈 However, this current rebound is likely part of wave B, and I anticipate that the correction will extend toward the 0.618 Fibonacci retracement level, which aligns with deeper structure confluence and could act as a stronger area of interest for buyers.
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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.