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Elliott wave analysis of Ripple (XRPUSD): 4hr tf update

My previous post on XRPUSD (Ripple) can be found here:

Elliott wave analysis of Ripple (XRPUSD): 4hr tf


It was mentioned in the post that XRPUSD (Ripple) would likely sell off and find support between $0.71 and $0.74.

The chart has been updated and any upward movement should be a bounce on the way to the mentioned support area for XRPUSD. Failure to hold Support area as shown on the chart could potential result in XRPUSD (Ripple) testing support area 2 (between ~ $0.65 and $0.62) as shown on the chart.

Elliott wave analysis of Ripple (XRPUSD)

If XRPUSD (Ripple) does hold in the support area or Support area 2, it would terminate a minor wave X position which is shaping up so far as an Elliott wave combination (W-X-Y) structure. This implies that XRPUSD (Ripple) should resume another leg up as a minor wave Y which should see the price of XRPUSD (Ripple) resume its current bullish trend.

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