Hi all. We are continuing sideways. We expected a move within two weeks, and XRP was silent. We are moving through the 3rd week.
Daily Bar Charts
XRP in daily charts has completed the 2nd Wave of the pattern we discussed. Why do we expect this move? 4 Hours, 1 Day and Weekly time frames are all oversold. That's the main reason for a bounce.
As clearly highlighted above, 2nd wave, which an ABC formed. We must see a move above $0.3333 and above the first wave top. Both together will substantiate Wave 3 towards $0.50 - $0.66.
DD, you were telling us $0.22 in February 2022. Is this still valid?
Yes. Unfortunately, we have still a monthly time frame which has not yet completed the correction.
Will there be below $0.22 in case monthly continues the current trend?
Based on Elliott Wave Theory, the answer is Yes, $0.099; however, considering the Bitcoin and Crypto patterns, it looks like $0.22 is already very low even on monthly time frames.
What Does the Relative Strength Index (RSI) Say?
XRP has higher lows in the daily time frame; however, the strength is below 50%, and we need to see the breakout shortly.
Let's have a closer look at the Daily Price Triangle.
The triangle is narrowed down so much in the daily time frame. It won't be a surprise for XRP to break this triangle.
Give us the Good news:
Beware, you are amongst the wolves, not the sheep. XRP has her own unique, extraordinary capabilities, ready to change and rule the World. As I mentioned above, Elliott Waves ABC structure shows that 10-20 cents are possible.
However, the same analysis heralds the 3rd Wave in the Monthly Time Frame heralds the Sun after a long saturninity with the Grand Cycles.
Conclusion
XRP's main three time frames are positive, whereas monthly is currently in correction (wave trend). Considering the first three, the $0.66 move will not be a surprise in the short term since the monthly RSI is in the lowest position and heading up slowly. In the long run, XRP is holding huge potential.
I do not recommend the day trade, but if you are in, please always use a stop loss.
As always, Important Note: None of the targets represented here is financial advice. Do your research in due diligence and take responsibility for your decisions & actions when buying or selling an instrument.