RIPPLE (XRP): A Breakout Can Lead to a Temporary Lower Low When This Happens
SUMMARY
Ripple (XRP) is moving per the MACD direction which has reached a very close proximity to its apex (blue lines). The yellow WXYXZ for the price could be complete, though sideways price extension can go on. The yellow Z has placed a lower low.
The blue circle shows a breakout and yet a lower low occurred. However, the length of time for the first downward wedge pattern (white) was quite short and thus a breakout from it has likely lower low probability. Recall that Altcoins are unable to complete a correction quickly. So, any wedge pattern that is perhaps less than 3 months would be bull traps. The length of the correction to the yellow Z spans over 3 months and the MACD pattern has contracted to as much as possible. So, another breakout is expected but this time MACD, Time, Pattern and Elliott Waves are all confluent. The first breakout was missing the time length component.
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hmm... wait for coinbase to list them...
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Agree, there are buy orders a bit lower between $0.30 and $0.40. That price level is what I call low on the curve, meaning price is pretty much at a discount with no major sell orders until $0.80 (pink line).
Though I'm sure about this prediction, but thanks for sharing.
Inverse H&S pattern on the 1hr TF
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i expect ripple around 6200 sats so around 10%-12% down.
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I wonder if these little bubbles we are seeing is from the hopes and hype from XRP supporters who knew the CEO of Coinbase was going to be on CNBC. I have a feeling that many people stocked up on Ripple and hoped that Coinbase was going to list it....thus making the price of it jump! But alas, the announcement was not about listing any new coins/tokens on Coinbase. Time will tell what the future of XRP is...perhaps a long term hold and we will see something big in years to come?! -Respect