Hi there all. We were expecting XRP to proceed with the $0.73 target as long as the $0.48 was maintained.
We have seen a huge selling pressure after the $0.48 is broken down and XRP touched the lower Fibonacci levels we mentioned earlier.
First of all, I would like to highlight what we discussed on 15-October-2022
"1. Scenario: C Wave - EXPANDED Flat: If XRP can't break $0.85 (it means we are on Wave 4)
Expanded C Wave in the bigger picture in orange colour would be the case if XRP can't break $0.85 in the end. Wave 4 cannot be 50% of the 3rd Wave and that's how we found $0.85 as a limit to determine which wave we are on.
Clear, if XRP can't break $0.85, then Wave 4 is confirmed.
Then, XRP could plunge towards $0.22 and $0.09 as the worst-case scenario which we discussed in February 2022 (Please check from here) and also on 13 July 2022 with the following analysis: https://www.defenddark.net/post/0-22-to-1000"
Monthly Time Frame - Expanded Flat Scenario (15-Oct-2022)
As you see below we targeted $0.73 for the 4th Wave. However, XRP couldn't break $0.51 3 times in a row and get rejected there.
We predicted the 4th Wave from 28 cents towards 50 cents successfully and expected recently the target to be $0.73 if XRP could defend the 48-cent support where it failed.
2. Current Update in Weekly Time Frame
Let's keep the same structure. Below yellow support indicates the $0.48 Zone where it is broken down yesterday. So current support sits at $0.31221
On 15-Oct we said" XRP is in the critical stage of finalizing the correction. These correction points can be $0.33, $0.22 and $0.09 respectively. This scenario will not apply if XRP closes above $0.85 as explained above. The $1.40 level will be concrete for the initial $13 target."
Long story short, XRP couldn't Break $0.51 and couldn't maintain $0.48 Support. We have touched below Fibonacci Levels. This is the 5th and last corrective Wave we are in, where we were expecting $0.22 a long time back after the $0.73-$1 target.
If we see any close below $0.28, then the 5th Wave will be validated and it is likely XRP could see $0.22 Levels.
Conclusion
Whether XRP ends up $0.22 or $0.09 as a corrective Wave point, in the wider perspective this 5-year corrective Wave structure is going to end.
And again from the wider perspective, the target is expected to be $256 in the mid-long term.
As always, Important Note: None of the targets represented on defenddark.net and defenddark.com is financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.