XRP bullish setup (m30/H1)
Updated
After tremendous bullish run, Ripple entered correction phase and formed another Wolfe-wave.
Really high stopping volume at points 3 and 5 are confirming the validity of the pattern.
It is possible that the price will retest the recent low and will form double point 5 or even get to the indicated support line. If this is the case, it'll form another wave which is still bullish in nature.
If not, the price will stay within indicated blue pattern and will continue the already established uptrend.
Really high stopping volume at points 3 and 5 are confirming the validity of the pattern.
It is possible that the price will retest the recent low and will form double point 5 or even get to the indicated support line. If this is the case, it'll form another wave which is still bullish in nature.
If not, the price will stay within indicated blue pattern and will continue the already established uptrend.
Comment
Even though, the price managed to get slightly above line 2-4, this move wasn't backed by influx of buyers. The price even re-tested the late December major support, jumped back and is currently slowly descending. All of this is making the previously described pattern void. However, testing new lows formed another (slightly incorrect), but valid WW:
If this wave finds support at the current level, the up move should be supported by solid increase of the volume.
Comment
As BTC keeps falling, absolute majority of alts keep following.XRP easily broke the previous WW pattern and is shaping new one now. However, as previous low was tested just few days ago, it is likely that the price will go down to ~0.55 area.
If there is enough demand, it'll push the price up. If not, this will be the last stand before the price dives to its previous support level at 0.16-0.20
Comment
Minor WW (blue) was formed and started working:
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