A Ripple in the Elliot Wave
Updated
Nothing fancy here, no high school math or doctorate level analysis. AFAIK, this pattern meets the criteria for the first 5 waves of an 8 wave Elliot formation. The implications are:
A) I'm calling a $2.00-ish price ceiling, with a bias to being below it. There may be a 1% overage, I could call that a false breakout. If it hits 5%-8% breakout over $2.00, ($2.10 - $2.18), then I'll consider calling the wave a bust.
B) There's a great chance XRP/USDT will go on sale, probably this weekend, or maybe into next week.
1. Lower than usual liquidity has pushed the price super high. That may be the largest % size 5th wave I've ever seen.
2. I expect a 23.6% retracement down to $1.51 (+/-, as always).
3. I would consider below $1.80 a moderate buy, below $1.60, a significant buy.
C) I don't suspect a move below a 38.2% fib. retracement; if there is, then it's probably because of something fundamental. The price could tickle that level though, and it wouldn't surprise me to see a $1.40-$1.60 consolidation range form.
That CNBC interview earlier this week caught the attention of some folks with money that trade in money, methinks. And as Ripple helps bridge the "divide" between crypto and fiat, I'm calling for it to be a legitimate moonshot. Yes, there's a lot of Ripple when compared with other cryptocurrencies, but the point of Ripple isn't to BE a currency, it's to facilitate fiat currency. It might not the Flipper in The Flippening, but I do see something far more practical than Bitcoin. Just as Yahoo worked to get us all on board in the 1990's, and did a great job of paving the way for Google to crush it and move on.
Happy 2018 everyone!
A) I'm calling a $2.00-ish price ceiling, with a bias to being below it. There may be a 1% overage, I could call that a false breakout. If it hits 5%-8% breakout over $2.00, ($2.10 - $2.18), then I'll consider calling the wave a bust.
B) There's a great chance XRP/USDT will go on sale, probably this weekend, or maybe into next week.
1. Lower than usual liquidity has pushed the price super high. That may be the largest % size 5th wave I've ever seen.
2. I expect a 23.6% retracement down to $1.51 (+/-, as always).
3. I would consider below $1.80 a moderate buy, below $1.60, a significant buy.
C) I don't suspect a move below a 38.2% fib. retracement; if there is, then it's probably because of something fundamental. The price could tickle that level though, and it wouldn't surprise me to see a $1.40-$1.60 consolidation range form.
That CNBC interview earlier this week caught the attention of some folks with money that trade in money, methinks. And as Ripple helps bridge the "divide" between crypto and fiat, I'm calling for it to be a legitimate moonshot. Yes, there's a lot of Ripple when compared with other cryptocurrencies, but the point of Ripple isn't to BE a currency, it's to facilitate fiat currency. It might not the Flipper in The Flippening, but I do see something far more practical than Bitcoin. Just as Yahoo worked to get us all on board in the 1990's, and did a great job of paving the way for Google to crush it and move on.
Happy 2018 everyone!
Note
I am a firm believer that technical analysis requires both a statement and a rejection; you don't say what will happen w/o saying at what point those bounds are broken.As stated, the solid rocket past $2.00 burst right through the 8% and 16% levels like they were tissue paper. The GREAT thing about technical analysis is that when it breaks down, that in itself tells it's own tale. In this case, the rocket up through screams loud and clear that $1.20 is not likely in the cards anytime soon.
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