I hope everyone is enjoying the take profits from this great intro to 2020. The broader crypto markets are enjoying strength and momentum. Let's take this opportunity to look at what lies ahead for XRP. I am feeling very bullish for XRP! The basic pattern I see that maps the price action is a Cup & Handle formation. The pattern is macro in structure and spans across the decade transition. The regression curve for the first half of the cup is an Elliot Wave correction A, B, C. After wave C, we can see that the price went range-bound for accumulation. This is where we found our bottom and initiated the trend reversal. Now moving out of the accumulation zone, price breaks out into an Elliot wave extension of waves 1, 2, 3, 4 & 5. We are currently we have finished wave 4, and are now beginning wave 5. Wave 5 will most likely take us to approximately .50 cents. If Wave five is truncated and only meets the top of wave 3, then we would get a strong double-top at .34 cents and move into the next ABC correction. I personally think XRP will have a very healthy wave 5 impulse, that will send us into the .50 cents range, followed by an ABC correction testing 40-35 cents for support.
Steady trading my friends, this is a great time to be alive. Remain focused, logical, and relaxed. Remember, this bull market will most likely extend for a year or two, so make some plans and stick to them friends.
*This is for educational purposes only.
Steady trading my friends, this is a great time to be alive. Remain focused, logical, and relaxed. Remember, this bull market will most likely extend for a year or two, so make some plans and stick to them friends.
*This is for educational purposes only.