Ripple (XRP) could be forming a bottom following a strong rebound and a sharp, impulsive reversal from the lows. We see this move as the first leg (A) of a potential larger three-wave (A)-(B)-(C) recovery.
However, due to the current sideways price action, we assume XRP is still trading within wave (B), which could develop into a slightly deeper ABC flat correction before the next rally in wave (C).
Currently, XRP could be completing subwave C of this corrective structure. Still, traders should watch for a potential break or spike lower during the final subwave v of the impulse, which could push the price toward the strong $1.20–$1.10 support area. This zone could provide an opportunity for buyers to step in before the next potential wave (C) rally.
For now, we remain focused on the completion of the current correction and the price action around support, as a strong impulsive recovery would help confirm that XRP is ready to move higher.
Comments
Log in or sign up to join the conversation.