XRP EWT Analysis
XRP....
What we have is XRP/BTC pair forming a small bull flag (ABCDE) as the 4th wave of a much larger structure. Tracing back from December high, we have an impulse wave down, completing its third wave and bottoming out at 4k levels in mid may. We are now on the first five waves of leg A as part of a much larger ABC correction. We can see wave 1 of the A leg completed on MAy 15th when it almost touched 6k followed by an ABCDE correction for wave 2. We then initiated subwave 1 of the 3rd wave of leg A at the end of May when we touched 5500 levels followed by a much smaller bull flag for subwave 2 and the initiation of wave 3 today. Fib extension targets for wave 3 should be in the 5800-5900 range followed by a correction and the completion of the 5th wave of the A leg.
We can then expect another wave down for the B leg followed by the C correction with much higher targets.
What we have is XRP/BTC pair forming a small bull flag (ABCDE) as the 4th wave of a much larger structure. Tracing back from December high, we have an impulse wave down, completing its third wave and bottoming out at 4k levels in mid may. We are now on the first five waves of leg A as part of a much larger ABC correction. We can see wave 1 of the A leg completed on MAy 15th when it almost touched 6k followed by an ABCDE correction for wave 2. We then initiated subwave 1 of the 3rd wave of leg A at the end of May when we touched 5500 levels followed by a much smaller bull flag for subwave 2 and the initiation of wave 3 today. Fib extension targets for wave 3 should be in the 5800-5900 range followed by a correction and the completion of the 5th wave of the A leg.
We can then expect another wave down for the B leg followed by the C correction with much higher targets.
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