- XRP is the most hated and most loved coin on the crypto market, no doubt about it.
- I personally like XRP, because transactions are extremely fast and super cheap, but the price action is another level!
- But let’s take a look at the weekly / 3D chart and do Elliott wave / chart patterns technical analysis .
- As you can see there is a huge symmetrical triangle that has been destroyed by the bears in May 2022.
- Usually if a major pattern breaks down, then we need a lot of time to recover. It is a common thing to retest the triangle and then make a new low on the macro scale.
- What’s more, as per my Elliott wave analysis, I deeply miss the next final impulse wave down to complete a major ABC retracement.
- If we take a look at the volume indicator – bearish pressure is still pretty high, which is not good at this moment.
- We have a massive parallel channel on the weekly chart and I think we can definitely retest this channel again in the future.
- Due to my analysis – I think we will go temporarily up from here and then a final capitulation move is going to happen.
Ripple XRP – Warning to all traders! Elliott Wave + Channel
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.