Lower Local Lows for XRP?I'm making a fresh publish/idea for XRP.
XRP has been attracting a large crowd since its major rally up that started in November 2024.
As demonstrated in previous posts of mine, I am a fan of EW theory. Although it can be tricky to plot waves, It is a practice that I aim to master. It appears that we may developing the 5th wave of a 5 wave structure that normally marks the beginning of a larger time frame 3 wave correction; if this makes sense.
I will be using the VRVP (Visual Range Volume Profile) indicator in this TA; we are running into resistance at POC (yellow horizontal line). It's possible that price does not break above that point. The HVN (High Volume Node) signifies high resistance in that area. But if it did, that would be a major support structure.
Since price is currently in between significant resistance and support, I expect some sideways movement as buyers and sellers battle in between.
There is a chance that we retest February's low (The SC (selling climax) zone). If that is the case, that could turn into a ST (secondary test) event, with a possibility of a slightly lower low.
I have a plotted a support structure as the 0:1.272 window. This could be an Ideal area for a ST event if correction continues for this asset; as this is the next significant support area according to the HVN.
Good Luck Traders!
-NOT Financial Advice-