Since September 17, when the price of Ripple was $ 0.266 to date, cryptocurrency has risen by 37.5% and is currently trading at around $ 0.364.
Looking at the hourly chart we can see that most of the increase occurred in a short period of time as we show two large green hourly candles.
In the daily chart, we can see that the price has found support on the horizontal support level $ 0.27 with a double bottom. As the price action interacted for the second time with the level and did not fall below it, it was a strong signal for traders and investors that support was found that triggered the problem. purchase and pushed up the price.
Zooming into the 4- hour chart we can see that the price broke the bearish resistance line, which was met by mid May and is currently stuck to the resistance of the smaller range.
As you can see the correction of the five waves is over and the price action has formed a range from $ 0.27 to $ 0.373. At the moment we do not have enough data to conclude the direction of a breakout from the interval, but by enlarging the hourly chart we could get some clues
Since this interval occurs after a downward correction, it is likely that it is a corrective move in the opposite direction.
Looking at the structure of the waves I think this is a WXY since the last move towards the top seems impulsive while the fifth wave ended on the resistance line of the range now, the negative side is expected after this exponential increase in price.
Following the Elliott Wave Principle rules after a pulse, a correction occurs and in this case, a three-wave Zigzag is a likely scenario and as you can see from the 30-minute chart below I projected some of the levels on which I think the price will complete the corrective waves.
My expected goal would be about $ 0.328 but what will happen after we just had to wait and see. This gamma correction could be extended by two other waves bouncing back into it two more times before seeing a breakout, but if this was a WXY in the opposite direction we can see the beginning of another downward movement that will push the lowest price of $ 0.27  [ad_2]Source link