Ripples (XRP/USD) Awaiting New Low to Complete Wave 5 of C
Meta description: Ripples (XRP/USD) could be in the final phase of completing a bearish ABC pattern and might have one new low remaining before an uptrend is able to start.
XRP/USD
Daily
Ripples (XRP/USD) could be in the final phase of completing a bearish ABC (dark orange) pattern and might have one new low remaining before an uptrend is able to start.
Ripples had interesting and positive news yesterday after it was announced that Clinton is appointed as a keynote speaker at the Swell conference. This probably created a small bullish bounce at the support of the sideways zone (purple box) but the larger picture remains bearish due to the strong bearish momentum (red arrow). A bearish breakout below the zone could mark a new low to complete wave 5 (dark red) of wave C (dark orange).
4 hour
Within wave 5 (dark red) of the daily chart, there is a potential for 5 internal waves marked in red. Price seems to have stopped at the 38.2% Fibonacci retracement level of wave 4 vs 3, which is typical for a wave 4 (red) and could complete that correction. Price is probably in a final wave 5 (red). The bulls are only back in control (blue arrows) when price is able to break above the 38.2% Fib and 50% Fibs (red boxes).
Author
Chris Svorcik
Elite CurrenSea
Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.
