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.
03:48If you did, please hit the like button, leave a comment, and subscribe. And if you really like
03:53the content, then please check out the channel membership. If you are interested in our membership,
03:58feel free to check out our channel page. There's a short video that explains the member benefits.
04:04For example, you can get access to our member-only videos today. I uploaded Jasmine, for example,
04:08for members. You also get access to our member livestream. And as a gold member, you get access to our
04:13Discord server for a lot of additional updates. A full Elliott Wave course for further learning
04:19materials, trading view live charts, our short-term updates, and much more. Thanks so much. Bye-bye.
Comments