Ripple XRP setting up for another wave up, wedge and W bottom
Going to keep this one short. Previous analysis played out nicely, where i showed a nice wedge few weeks ago which was the start of that big rally. Made a small bull flag and continued to move up 0.37 to the 0.48 high.
In the middle we can see that the green support held and there is a potential low set here. The volume and the bounce up were quite big, so normally we should see an ABC play out coming month or so. If this will just be an ABC and then drop again or start a new uptrend, i can't say. It's guessing at this point. We need to see how big the push up will be before we can determine that. Just as i did with Bitcoin 4 months ago, saying an ABC is in play, but i was not able to predict upfront if it would just be a correction or that it would be the start of something.
On the right we can see a nice wedge has formed so far. Ideally we make one more drop to the green zone around 0.36 and than continue the rally again. If this plays out, we will have a double bottom if it bounces up again. This combo, a W bottom inside a wedge is usually very promising, but we need a successful bounce up first.
Problem now is, Bitcoin doesn't want to drop it seems, so there is a chance we will not drop towards the 0.36 anymore.
To make clear what i hope to see the coming days is the following:
Seeing Bitcoin making a good drop. If this happens, seeing XRPUSD make a drop as well, but seeing the XRPBTC pair being stable. If we then see the market make a low and XRP making the W bottom or just touch the low of the wedge, THEN we might have the ideal entry point for XRP, for both the USD and BTC pair.
Previous analysis:
In the middle we can see that the green support held and there is a potential low set here. The volume and the bounce up were quite big, so normally we should see an ABC play out coming month or so. If this will just be an ABC and then drop again or start a new uptrend, i can't say. It's guessing at this point. We need to see how big the push up will be before we can determine that. Just as i did with Bitcoin 4 months ago, saying an ABC is in play, but i was not able to predict upfront if it would just be a correction or that it would be the start of something.
On the right we can see a nice wedge has formed so far. Ideally we make one more drop to the green zone around 0.36 and than continue the rally again. If this plays out, we will have a double bottom if it bounces up again. This combo, a W bottom inside a wedge is usually very promising, but we need a successful bounce up first.
Problem now is, Bitcoin doesn't want to drop it seems, so there is a chance we will not drop towards the 0.36 anymore.
To make clear what i hope to see the coming days is the following:
Seeing Bitcoin making a good drop. If this happens, seeing XRPUSD make a drop as well, but seeing the XRPBTC pair being stable. If we then see the market make a low and XRP making the W bottom or just touch the low of the wedge, THEN we might have the ideal entry point for XRP, for both the USD and BTC pair.
Previous analysis:
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