Analysis of $XRP according to Elliott waves:
Currently xrp is in a zone of indecision and according to Elliott waves it shows us 2 possible scenarios.
Elliott's first scenario is BEARISH:
A triangular pattern is finishing to form with what many identify as a bullish triangle pattern. However, triangle patterns generally correspond to trend continuity patterns.
1- The current trend is bearish, and the triangle pattern is bearish. (Continuity patterns rarely transform into trend reversal patterns.)
2- Generally triangles are more common in Elliott wave number 4. Wave in which POSSIBLY is finishing forming. Its structural breakdown marked its direction.
3- Red line area marks exceptional resistance. If the resistance is broken, this analysis of wave No. 4 is invalidated.
4- probability of breaking the bearish triangle, the estimated projection is between 0.42 and 0.41. The green lines mark the possible supports. Shopping areas. BUT THERE ARE ALSO SUPPORTS IN 0.50, 0.48, 0.47 areas with a lot of purchase volume.
5- Will we have a possible strong fall? Nobody knows!!!
In my opinion, the current market is rising strongly and xrp is left behind, a sign that it is not following the market trend and there is a lot of loss of confidence, which marks a bearish direction. Weekly we are in a cumulative consolidation zone, a buy zone. Important informational attention must also be paid given that there is no clear news about Ripple and its case with the SEC still adrift.
Currently xrp is in a zone of indecision and according to Elliott waves it shows us 2 possible scenarios.
Elliott's first scenario is BEARISH:
A triangular pattern is finishing to form with what many identify as a bullish triangle pattern. However, triangle patterns generally correspond to trend continuity patterns.
1- The current trend is bearish, and the triangle pattern is bearish. (Continuity patterns rarely transform into trend reversal patterns.)
2- Generally triangles are more common in Elliott wave number 4. Wave in which POSSIBLY is finishing forming. Its structural breakdown marked its direction.
3- Red line area marks exceptional resistance. If the resistance is broken, this analysis of wave No. 4 is invalidated.
4- probability of breaking the bearish triangle, the estimated projection is between 0.42 and 0.41. The green lines mark the possible supports. Shopping areas. BUT THERE ARE ALSO SUPPORTS IN 0.50, 0.48, 0.47 areas with a lot of purchase volume.
5- Will we have a possible strong fall? Nobody knows!!!
In my opinion, the current market is rising strongly and xrp is left behind, a sign that it is not following the market trend and there is a lot of loss of confidence, which marks a bearish direction. Weekly we are in a cumulative consolidation zone, a buy zone. Important informational attention must also be paid given that there is no clear news about Ripple and its case with the SEC still adrift.
