XRP Just tested its 400 EMA. after losing the support of a large triangle structure, and rejection of the 50 EMA. If this level does not hold, it could become very bearish very fast. If not, though, we might see an impulse from here to the upside, as it is starting to look a little bit like a falling wedge. It is also in the midst of a valid wave 3-4 Elliot Wave retracement that remains valid until if/when 63 cents is lost. If that is valid, we could see something very interesting for wave 5. It is likely to be either a slightly lower high for a bear div, or double top. It is also not impossible for something crazy to happen like a 1.618 extension, but for now, traders should eye the 4hr 200 EMA and 50 EMAs
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.