Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
We have a -97% drop from the top back in march 2020. I think that was the bottom for xrp. The 2021 bull run, xrp only went up to about half from the previous top. There is a small possibility that we retest the 2020 bottom as a double bottom if the crypto market crashes. If the market doesn't crash then we can assume that wave 1 & 2 are in. We should be working on wave 3 on the macro cycle on this bigger trend cycle. Wave 3 on the bigger cycle top is around $5.8 and on the macro it's $3.6. The movement of XRP will depend on the lawsuit. I believe losing it would cause this double bottom to occur and XRP can start to recover from there. Winning it would start the macro impulse wave 3 trend.
If you were to long a position here your R/R ratio is 10.44
Possible upside: 781%
Possible downside: -74%
We have a -97% drop from the top back in march 2020. I think that was the bottom for xrp. The 2021 bull run, xrp only went up to about half from the previous top. There is a small possibility that we retest the 2020 bottom as a double bottom if the crypto market crashes. If the market doesn't crash then we can assume that wave 1 & 2 are in. We should be working on wave 3 on the macro cycle on this bigger trend cycle. Wave 3 on the bigger cycle top is around $5.8 and on the macro it's $3.6. The movement of XRP will depend on the lawsuit. I believe losing it would cause this double bottom to occur and XRP can start to recover from there. Winning it would start the macro impulse wave 3 trend.
If you were to long a position here your R/R ratio is 10.44
Possible upside: 781%
Possible downside: -74%