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Ripple Eyes Down To 0.51 Level

By Gregor HorvatCryptocurrencySep 14, 2021 07:37AM ET

www.investing.com/analysis/ripple-eyes-down-to-051-level-200601880

By Gregor Horvat | Sep 14, 2021 07:37AM ET

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Ripple (XRP/USD) is still looking lower after recent three-wave A-B-C correction in wave (B)/(2), so XRP is ideally unfolding a new five-wave bearish impulse, where current consolidation can be as part of subwave 2. That said, be aware of a continuation lower, but maybe after a retest of 1.15 intraday resistance area.

As per Elliott Wave analysis, XRPUSD dropped big and sharply in the 4-hour chart after we noticed strong resistance and 5th wave. So, with current break below trendline, seems like we can now expect a new three-wave decline at least back to 0.78 area for wave (C) or maybe even down to 0.51 area for wave (3).

Ripple 4h Elliott Wave Analysis Chart
Ripple Elliott Wave

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