November 20, 2022: XRP-USD Elliott Wave and Technical Analysis – Video and Charts
Summary: XRP may require a final low before the bear market is over. A target for support is calculated at 0.276. Thereafter, a third wave at primary and cycle degree is expected to begin, which may be a strong upwards trend.
The data used for this analysis comes from CryptoCompare.
Last full written analysis of XRP was on August 10, 2022.
All charts are on a semi-log scale.
MAIN ELLIOTT WAVE COUNT
Primary wave 1 may have completed as a leading expanding diagonal.
Primary wave 2 may be nearly complete as a double zigzag.
A conservative channel is drawn about the bear market of primary wave 2 to contain all movement. A breach of this channel would add confidence to this wave count. A new low is expected first.
Within minute wave v, a second wave correction may not move beyond its start above 0.5582.
The daily chart focusses on the structure of minute wave v.
Minute wave v may only subdivide as a five wave motive structure. It may be an incomplete impulse.
Within minute wave v: Minuette waves (i), (ii) and (iii) may be complete and minuette wave (iv) may continue sideways.
Minuette wave (iv) may not move into minuette wave (i) price territory above 0.42.
A target is calculated for minute wave v to end.
There is reasonable support about 0.30.
If price makes new lows on a closing basis and exhibits bullish divergence, then that would provide strong support to the view that a sustainable low may be in place.
Price has made a new low below the prior low of the June 18, 2022, only on an intraday basis and not on a closing basis.
The downwards trend is now extreme. If RSI exhibits bullish divergence and then a bullish candlestick pattern develops that has support from volume, then a sustainable low may be indicated.
There is room below for the trend to continue.
Published @ 07:09 p.m. ET.
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