XRP Elliot Wave updated Analysis
Looking at the Weekly-->Daily-->4 hour time frames we see a clear example of a 5-3 Elliot Wave structure coming to a conclusion. Monitor closely the next dip for confirmation of final wave C retrace if price goes to the 1.26 - 1.68 range.
Another possibility, although less likely as it does not appear on the Weekly and Monthly time frames and is not supported by RSI wave trends, is that the A-B-C retrace bottomed out with Wave C at $2.31. This would indicate a new 5-3 set up with current up-trend of Wave 1.
Crucial to monitor current retrace with RSI confirmation. Expectation is for RSI to fall below 30 with the price reaching the target of 1.26 to 1.68. This will indicate a completed 5-3 structure with a set up and entry point for wave 3.
