XRP - Last Point of Support?
XRPUSD XRP may be retracing to LPS ( Last Point of Support).
Either one of my suggested retracements could be on. As well as something a bit deeper, perhaps.
But it's looking like a strong consolidation before the next major wave up, so don't be surprised if there aren't lower opportunities than $2.40. But never say never.
- Not Financial Advice -
Note
Note
XRP on Repeat Mode
It seems that XRP is on repeat mode ( Multiple ST’s, SC’s and AR’s).
With the slightly higher high that printed in January; that suggested a UT (Up Thrust) after distribution - followed by a SC (Selling Climax); then afterward printed an AR (Automatic Rally).
Back up to the BC (Buying Climax) in December; what followed was a 1:0.618 3 wave correction, followed by continuation.
After the recent UT: It appears the XRP may be currently printing another 3 wave correction. This could be another 1:0.618 3 wave correction. The MM’s would love this to spice things up before the next BC.
We are currently being threatened with a Bull trap shakeout in the current window.
After further research into USDT.D - The dominance chart is looking bullish and threatening to form a higher high (Check out my recent USDT.D post).
If this does play out; This could be confirmation that a 3 wave correction is printing for XRP.
But note the yellow rectangle box. A higher high formed on Dec. 20th 2024 for USDT.D but a lower low was not in the works for XRP. This is a clue that XRP will not see a lower low if the correction is on.
This is looking like another ST in the making before the next major wave up: and I do believe this wave up will be the one that will blow wigs off.
With that noted: Good Luck traders and watch out for potential bull trap’s.
- Not Financial Advice -
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.