XRPUSD correction structure idea
Updated
XRP, along with the rest of the crypto market, may complete an ABC correction structure with a final capitulation extended wave, thus making it a 3 drives pattern.
The recovery may then consist of a third wave that wipes out the B wave high of the initial ABC correction, thus confirming the continuation of the bull trend.
A smaller Wyckoff accumulation may also take place with the spring being around the 80c level.
The 5-wave Elliott count is subjective and will differ, the third wave regaining the B-wave high is what matters.
Entering on the break of the C wave low will render a good risk reward ratio, however entering on the break of the pattern is safer and less aggressive.
The recovery may then consist of a third wave that wipes out the B wave high of the initial ABC correction, thus confirming the continuation of the bull trend.
A smaller Wyckoff accumulation may also take place with the spring being around the 80c level.
The 5-wave Elliott count is subjective and will differ, the third wave regaining the B-wave high is what matters.
Entering on the break of the C wave low will render a good risk reward ratio, however entering on the break of the pattern is safer and less aggressive.
Note
XRP didn't manage to create that third low, although some other coins like BCH, LTC and BNB did. Slightly different structures but basic idea of a wyckoff accumulation being completed seems evident all round. Bull run ready?
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