The Rally on Ripple Doesn't Look Attractive
Ripple "XRPUSD" has gained almost 49% gain from its December 2019 low. However, the structure of the advance is more corrective than impulsive.
The current pattern on the chart is called a double zigzag according to the Elliot Wave principle. Wave (y) of the zigzag also equals 1.236 of wave (a) at a critical weekly resistance level that lined up with 200 Daily Moving Average.
What this means is that we would likely see a new low or at least Ripple will lose 50% of 2020 gain from or near the current market price.
The break of wave (4) of c of (y) or the flag channel will confirm the bearish bias.
Do you think Ripple will continue the rally?
The current pattern on the chart is called a double zigzag according to the Elliot Wave principle. Wave (y) of the zigzag also equals 1.236 of wave (a) at a critical weekly resistance level that lined up with 200 Daily Moving Average.
What this means is that we would likely see a new low or at least Ripple will lose 50% of 2020 gain from or near the current market price.
The break of wave (4) of c of (y) or the flag channel will confirm the bearish bias.
Do you think Ripple will continue the rally?
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