I have my current wave count shown above. This isn't the overall longer term count, but we went through several of the mid term and hit a longer term target quite quickly. (3) & (4) are from the longer term cycle (1) & (2) are not shown for clarity purposes. Now there is not much chart data we can use to compare previous corrections with so we work with what we have and look for other patterns. This is not like charting Johnson and Johnson.
Corrections simply are difficult period! Add to this how fast cyptos move it increases the level of difficulty dramatically. What I like about XRP' here is it has followed EW and Fibb almost like a foregone path. But when we get to the end of multiple cycles it is never really clear and the water is muddy to say the least, and so I always proceed with caution as this is where money management is crucial. Keep in mind a 50% loss requires a 100% gain to get back to even. Now both previous patterns are corrections typical abc' corrective patterns in a "V" formation. In addition, as a general rule 5th wave corrections typically pull back to within wave 4. This is often the 0.618 fibb level. So be aware that we could correct further BUT I'm not so sure this is the case and here is my validation for why we may run higher from here.
1) we already pulled back to the level which is enough for a correction in a market
2) new money is flowing into the market at an astounding pace, corrections will be short lived.
3) there are four likely coins to be listed on coinbase in January and Ripple' is almost a shoe in. This expands the market buyers. Why? well simply institutional and larger traders are not so eager to actively trade and hold their coins in the "wild west". Coinbase is insured! We will get speculators at this point, buy the rumor sell the news.
4) It's the cheapest of the blue chip coins!
So my strategy is simple and the same strategy I have for any correction. PATIENCE! It has taken several days for Litecoin' to correct and it appears to still be correcting. But XRP' may not follow this same path for the reasons above, BUT IT CAN!
I can always trade a breakout and use the profits to add to my core position. The last thing I want to do is buy here around where I sold, and lose those gains! I am in my coins for nothing and I want to keep it that way. NO RISK! Keep in mind my situation may be different from yours so its up to you to look at the chart, and decide for yourself.
Bottom line corrections are NOT a good place to trade. Too many variables! If you have no position in XRP' and want one, there is nothing wrong with adding a small position here and seeing if we pullback further, or buying more on a breakout. If you sold why would you buy here? I am willing to risk 10 cents for a reward of 30 cents if we pullback further.
We have entered the "Prince" era and we are charting like it's 1999, and everyone is a chart expert. Buyer beware!
1/11/2018 - Ripple and MoneyGram Partner to Modernize Payments
1/11/2018 - MoneyGram to Pilot Ripple's XRP Token for International Payments
1/4/2018 - Ripple CEO Brad Garlinghouse recently mentioned on Twitter that "3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018. Even more in the pipeline"