XRP has been quiet and corrected a standard 61.8 fib, although still possible to go down to 78.6 retract (but currently unlikely). Expecting bull trend 1-to-1 growth as long as we have good volume (Watch for BTC movements. There is somewhat good correlation with BTC, if BTC grows XRP follows trend)
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Hi all, just some stuff I'll like to share with you guys. What we are observing here is a small correction (4th Elliott wave). Hopefully, it will complete the final bull wave. Here is what you will need to look out for (See image below)
1) The candles and what fib level does it retrace to? *Long bottom wicks tell you a good indication of the support lines and additionally it touches the 0.5 fib of the 3rd Elliot wave.
2) What is the volume going to be like? *Expecting low volume for a short period then another impulse buy, hence high volume matching similar to previous wave i.e. 1st and 3rd Elliot wave.
3) What is MACD telling us * that cross over suggests it just started a bearish trend (correction period), but look at the histogram it is gradually decreasing but there should be a turning point that will tell you when it will peak/trough.
4) RSI *the RSI is moving from 40 to 85+ area suggesting overall bullish trend. there is clear bounces telling you the support lines.