XRP/USD outlook: Another increase should be expected
|From Monday, when the price of Ripple was $0.3075 at its lowest point, measured to the highest price has been today at $0.327 on FXOpen UK, we have seen an increase of 6.37%.
On the hourly chart, you can see that I’ve counted the sub-wave from the upswing that started on Monday and as you can see the first five-wave move has ended as well as the Minuette ABC correction.
This means that now another increase should be expected as the Minor Y wave should develop, but the development of another impulsive move to the upside might not happen straight away as the ABC correction might only be a lower degree three-wave move from a larger corrective structure that is set to fully develop after the initial increase was made.
The expected impulsive move to the upside would probably end around the vicinity of the Minor W wave ending point which would be around the 0.382 Fibonacci level (around $0.344-0.35 area in price terms).
After the increase ends I would be expecting a retracement back to retest some of the support levels in order to establish support. But it is still unclear where that support might be, so we are going to closely
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