$XRP - ABC Correction Structure Change - Low 0.35 then 0.46-8
The underlying structure of Wave 2, a correction Wave of the Minor series (yellow), has changed. We could still be looking at a simple ABC formation, expected with Wave 2 typically, or a more complex triangle wave (see the offset pattern on chart in orange).
As long as the red trend-line that has supported wave 2 and 4 of the Minute series (orange) holds were still bullish. I do not expect Wave C to extend past Wave A at this point as Wave A was nearly at the 0.50 fib retrace point. This means we will either end up with a Flat ABC or a Triangle (ABCDE). This assumes the bullish trend holds.
In theory, Wave 2 of a reversal can retrace nearly to the start of Wave 1, the so-called disbelief wave, but I do not see potential for that with the whole market currently on a bullish run. If Bitcoin stays above 4k for another day a lot of traders will see that as a confirmation of the bullish reversal and Ripple will follow the crowd as it still is coupled with Bitcoin price action.
The next Wave 1 of the Minor Wave (yellow) has some pretty significant levels to break, namely Monthly Pivot and the Monthly HA Pivot, and just above that the Monthly (P+R1)/2 PP. A break of the two Monthly Pivot points, should provide enough catalyst to reach the 1.272 fib ext of Wave 1, if not more. If you can catch the ride between Wave 3 and 4 you should be able to gain 0.05 on your position.
As long as the red trend-line that has supported wave 2 and 4 of the Minute series (orange) holds were still bullish. I do not expect Wave C to extend past Wave A at this point as Wave A was nearly at the 0.50 fib retrace point. This means we will either end up with a Flat ABC or a Triangle (ABCDE). This assumes the bullish trend holds.
In theory, Wave 2 of a reversal can retrace nearly to the start of Wave 1, the so-called disbelief wave, but I do not see potential for that with the whole market currently on a bullish run. If Bitcoin stays above 4k for another day a lot of traders will see that as a confirmation of the bullish reversal and Ripple will follow the crowd as it still is coupled with Bitcoin price action.
The next Wave 1 of the Minor Wave (yellow) has some pretty significant levels to break, namely Monthly Pivot and the Monthly HA Pivot, and just above that the Monthly (P+R1)/2 PP. A break of the two Monthly Pivot points, should provide enough catalyst to reach the 1.272 fib ext of Wave 1, if not more. If you can catch the ride between Wave 3 and 4 you should be able to gain 0.05 on your position.
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