XRP - This is just a relief rally

Updated

Any price movement that is confined within a channel is considered as a corrective 3-wave move in Elliott waves, and clearly this is an ABC move up, also A:C = 1:1. Also the preceding move down appears to be in 5 waves

This means that this rally is a counter-trend move and the real trend is bearish long-term, where we are currently in the B wave of a larger ABC (red). I'm assuming the C will eventually drop to $0.14 (Will post a chart soon)

Now this green ABC can be considered as red (B) is complete, however, I see a possibility of another move to 0.33-0.35 which is top of channel (blue box) or to the green box which is 0.618 of the entire move down. Before this happens, we may fall to the bottom of the channel or the black line and bounce

Here is a possible zoomed-in wave count from a friend

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Our bottom target hit

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As I said, it was just a relief rally

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I see one more leg down (red wave5) after breakdown of this triangle. Stop would be top of wave 4 at $0.25

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Still corrective IMO

the move appears to be 3-wave where A:C = 1:1

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As expected, strong rejection

imkeshav

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