XRP – Bullish Pennant – 4th Impulsive Correctional Wave

XRP – Bullish Pennant – 4th Impulsive Correctional Wave

Ripple / Dollar BITFINEX:XRPUSD


I expect a bit a bigger correction in order to form Pennant Formation. However, because of the extreme sell off that we saw 25th of April – it can possibly be invalid and thats why we track elliot waves in this market.

In this case, Ripple found support at 0.45 level and turned sharply just like other cryptocurrencies, but beware, because Ripple can be 4th way of correction as well.

Ripple’s XRP gained just 0.53% on Sunday, following Saturday’s 7.56% rally, to end the day at $0.86886, logging in a 1.25% gain for the week, Monday through Sunday.

The good news for the day was breaking back into $0.90 levels for the first time since Wednesday’s $0.93193 high off the back of which Ripple’s XRP took a tumble to just hold on to $0.80 levels before a recovery through the 2nd half of the week.

Sunday’s high $0.91466 saw Ripple’s XRP break through the first major resistance level of $0.9107, while falling well short of the 2nd resistance level , with a mid-morning reversal to an intraday low $0.8262 calling on support through the 23.6% FIB Retracement Level of $0.8477, buyers holding off a more material decline through to the 1st major support level of $0.8045 to bring sub-$0.70 into play.

A 2nd half of the day rally, supported by improved broader market sentiment, saw Ripple’s XRP recover, while failing to move back through to the day’s high to bring $1.00 levels into play for the day.

While Ripple’s XRP saw relatively lacklustre gains for the week, platform adoption across the financial sector and wider availability on exchanges in key markets will continue to be the key drivers for Ripple’s XRP. Investors will be looking out for news of exchanges announcing inclusion and an increase in trade pairings, the combination of two supporting the bullish projections for the year should things go according to plan.

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