XRP (Ripple) - NEXT Targets! Technical Analysis and Price Forecast, Support and Resistance (2) - video Dailymotion

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Transcript

00:00Hello and welcome to another update on XRP. So XRP has performed nicely today. In my first video

00:09yesterday, I actually covered the five-wave move up that we have seen right from the Sunday low,

00:17Saturday low, that midnight low, and we saw a five-wave move to the upside towards round about

00:24$3.10 from that swing low, which might have been a wave four low. Quick reminder, we were tracking

00:30an ABC structure to the downside, which might be technically complete. So then with a five-wave

00:36move up, we're generally looking for higher prices. But higher prices doesn't mean the market needs to

00:42move up in a straight line. It means we can also sometimes get just a pullback into support levels

00:48before we continue to grind higher. And that's what we've seen. We've seen a five-wave move up,

00:53three-wave pullback. And this area can be used of the price, like as a jump-off point for higher

01:00prices, potentially to start the C-wave to the upside. A, B, C. Or, and that, and by the way,

01:09in the white scenario, let's talk about it, in that short-term bearish scenario, the market might

01:14also go up first. So we have three waves down in wave A, three waves up in wave B, before we get

01:21five waves down in wave C. That gives us an ABC structure. This, however, would be only my

01:26alternative scenario, and will be activated if the price breaks below the August low.

01:34And also already actually below $2.80 below our Fibonacci support. But for now, what I'm tracking

01:40is potentially that a low is in place in the yellow scenario, and that this is a wave one to the upside,

01:46a wave two to the downside. The next move up would be a third wave, then we can get a fourth wave,

01:52and the fifth wave to new all-time highs. Now, this is only plausible as long as we're holding

01:58$2.80. We need to see more of that structure to the upside. So while I record this video,

02:04there has been a tiny, tiny reaction to the Fibonacci support zone that I shared with you

02:10yesterday, because this could be either a 1-2 setup or an A-B setup. Look, we have a five wave move up

02:16and a three wave move down. Whether this is now a C wave up that's coming, or a third wave,

02:23can't really say that at this point, because both are probable scenarios. However, with a five wave move

02:29up and a three wave move down, and with us holding support, we can at least make a case for short-term

02:35higher prices. And the condition is, of course, that the bulls show up now in this micro support

02:41region, and that we start to see some upside momentum, which would take the price out of

02:46this support zone, and above the last swing high, here at around $3.08. The next upside levels to watch

02:53then will be, yeah, $3.08, then we've got $3.10, and then the previous swing highs there around $3.17,

03:01and $3.33. These would be the next key resistance levels. At the moment, as you can see here, there

03:07isn't really much upside momentum, other than something that you could call a bullish engulfing

03:12candle, but only here on the one hour chart. So we need to see more upside momentum. If Bitcoin

03:18continues to push a little higher, and it's been in a moderate uptrend today, then, well, we might also

03:24see XRP follow through for now, a very, very delicate structure still. But we see a lot of these

03:30micro five-wave movements to the upside from the Saturday low across the sector. So, yeah,

03:36it is somewhat promising. And, yeah, the levels haven't changed. Now you should also know about

03:43the next upside levels to watch. That's what I wanted to communicate here. So I hope you liked the update.

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XRP (Ripple) - NEXT Targets! Technical Analysis and Price Forecast, Support and Resistance (2)

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