Short

XRP Break Down of Critical Support, Severe Downside to Follow

Updated

XRP has broken down from major intermediate harmonic support and we are likely to see significantly lower prices over the next few weeks. The next major level of support is at 0.27, if that fails we could head to the lower supports between 0.18 and 0.09. Most likely we will stop at whatever support we are at around the middle of December, and if the downtrend is over we should see a rapid retracement back to around these prices and higher. This will likely coincide with Bitcoin heading towards 2250, and the majority of the cryptocurrency market seeing significantly lower prices.

I still suspect crypto will recover and head towards ATH after this last wave down, but it is contingent on a quick retracement of wave-(c) to confirm that this count is correct.

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Note

Seems like we'll get a retracement back into resistance above 0.4. It looks like this is forming a 5th wave extension terminal impulse which means we should get a blow-off wave going down to about 0.18, and then an extremely fast retracement of the entire terminal impulse before years end.

This move will sufficiently shake the weak hands from the market and transfer coins to the strong hands, and if my count is correct we should be beginning a new bull market after this wave.

Because this is an impulse it should relate to wave-(a) in time. Meaning we should bottom and start climbing to new highs after the 2nd week of December.

Note

Looks like XRP is going to drop for a little longer than originally forecasted because we didn't actually form a full terminal impulse, just a normal impulse. Also, I didn't realize it before, but when wave-(b) is very long compared to wave-(a), then wave-(c) should take half the time of both put together. And at the rate this is moving we're likely only in wave-1 of an extended first wave extension, so it will take until at least april before we see a retracement of wave-(c).

That also means we could go as low as 0.02 on XRP, and that the upside target will continue to get revised lower to around 14-26.

Note

Actually, after this retraced more than 61.8% of the last wave down, it's unlikely we're in wave-2 of an impulse. After closer inspection, it makes alot more sense for this to actually be a diametric.

Note

Because there is strong time similarity between the same direction waves, minus one for each direction, and because of this very strong retracement of wave-g, we are likely now ending this pattern which started 1 year ago and now beginning a new uptrend.

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