The Ripple XRPBTC cryptocurrency made a nice correction of three waves back to the level of the previous wave four of a lesser degree with (a) = (c) equal legs and a stroke of exactly 1.61 level (in line with previous expectations). This is really a perfect configuration in the Elliott wave theory and exactly what we are looking for in trading setups. Currently, cryptotraders must wait for confirmation of the lows, which will come with a break of the channel's resistance line (around 2.40) and make sure the price will make a break above 2.80, (impulsive up trend resumption level) which would confirm that Ripple is returning to an up trend. If Ripple goes below 1.60 for any reason, a new wave scenario will be needed.
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A marginal new low was made, but nevermind this: #XRP is going higher after Brad Garlinghouse tweet, that #XRP will be used in MoneyGram payment flows! Up up up we go!
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Price hit the channel upper line, but no new low was made yet. Still unfold nicely, but needs to break out of the channel. Patience.
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Let's break out the channel, shall we? 2.25 is the key level.
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Correction done?
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At the 61% Fibo support at 1.19. We will see how it goes. Correction continues.
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XRPUSD has completed the complex and time consuming corrective cycle in wave (4). Possible rally ahead. RIPPLE # XRPUSD via tradingview.com #kryptowaluty #kryptowaluta #FaleElliotta #KrytpoTrading
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The thick green line must hold, otherwise, the impulsive cycle is invalidated. The correction is too big in time nad price already anyway. Details on H4 chart:
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Ripple broke above the golden trend line and is heading towards the level of 1.0000 and then 1.3890.
knock knock.
who's there?
moneygram!