XRPUSD : What is going on and what to expect?
Updated
Good morning, good evening everyone depending on where you are on the planet earth!
Let me quickly share with you my opinion on XRP.
At the middle of December, we can see an impulse bullish wave, the price moved from $0.23 to reach an all-time high of $3.40 the 5th of January 2018.
From early January to early February the price plummeted to reach a bottom of $0.58. Since that time the price moved aside from a range between $0.54 and $1.20.
So what is going on? What can we expect from XRP?
Overall, I can see 2 big waves from the Eliot Pattern, one bullish (1) and one bearish (2).
The first wave started from an impulse in December 2017 and ended at the ATH at $3.40. The second wave started from the ATH and potentially ended today on 18.03.2018 where we have reached an all time low at $0.54. We should now start the third wave which is bullish and the longest one :-)
First of all, if you have seen my post on Tradeview , I showed that the timing for XRP to get another big impulse wave is in May 2018, please have a look at it for more details.
This is being confirmed by either a “Descending Triangle” (meaning this channel goes straight) or a “Falling Wedge” (the channel goes down, see the triangle in green).
If the channel were to go up, I would be concerned, because it would look like a “Rising Wedge” or a “Bearish Pennant”, which bring to more high lows. I do not believe in this scenario.
Why? Because we are already very close to an all-time low and the triangle is pointing the bottom or aside.
One important thing, wave 2 looks like an ABC12345. It means if we have finished the second wave, the third wave should start soon because, it has to be the longest one and based on the timing on last year but also on the planned next big impulse wave, wave 3 should start now otherwise there would be no time for wave for 4 or 5.
I will post updates on regular basis.
Next target: $1
Let me quickly share with you my opinion on XRP.
At the middle of December, we can see an impulse bullish wave, the price moved from $0.23 to reach an all-time high of $3.40 the 5th of January 2018.
From early January to early February the price plummeted to reach a bottom of $0.58. Since that time the price moved aside from a range between $0.54 and $1.20.
So what is going on? What can we expect from XRP?
Overall, I can see 2 big waves from the Eliot Pattern, one bullish (1) and one bearish (2).
The first wave started from an impulse in December 2017 and ended at the ATH at $3.40. The second wave started from the ATH and potentially ended today on 18.03.2018 where we have reached an all time low at $0.54. We should now start the third wave which is bullish and the longest one :-)
First of all, if you have seen my post on Tradeview , I showed that the timing for XRP to get another big impulse wave is in May 2018, please have a look at it for more details.
This is being confirmed by either a “Descending Triangle” (meaning this channel goes straight) or a “Falling Wedge” (the channel goes down, see the triangle in green).
If the channel were to go up, I would be concerned, because it would look like a “Rising Wedge” or a “Bearish Pennant”, which bring to more high lows. I do not believe in this scenario.
Why? Because we are already very close to an all-time low and the triangle is pointing the bottom or aside.
One important thing, wave 2 looks like an ABC12345. It means if we have finished the second wave, the third wave should start soon because, it has to be the longest one and based on the timing on last year but also on the planned next big impulse wave, wave 3 should start now otherwise there would be no time for wave for 4 or 5.
I will post updates on regular basis.
Next target: $1
Order cancelled
The general idea and tenancy remain but I wrongly marked the waves.I will publish a new trading idea soon.
Trade active
Order cancelled
Order cancelled
Sorry for my ignorance at this stage - I was very new in technical analysis.
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