I believe what might be playing out on XRP at the moment is a Symmetrical Triangle ABCDE correction after the 5 EW push up we saw earlier this month.
In the chart you can see the 5 EW earlier this month in yellow which topped at around $1.36
Then we have started to create an ABCDE triangle correction which we are in the middle of now. You can see the ABCDE in light blue lines. Each of these waves has a 3 wave correction (ABC) in them as per the EW rules and we are currently at the bottom of wave C of the ABCDE.
I believe what might happen next is we go up to approx. $1.26 for top of wave D, then head down to approx. $1.18 for wave E to complete this triangle correction.
From there, if this trend is to continue we should break out of the triangle with a new EW 12345 Impulse move, which should take us to around $1.6-$1.7 XRP by mid September.
Chart:
Chart showing just the ABCDE:
Some things to look out for for entries would be hidden bullish divergence on bottom of wave E if you want an aggressive entry with go R:R, or wait for the breakout of Wave D and triangle, or wait for the breakout, close and retest (bottom of wave 2 on the new EWs)
In the chart you can see the 5 EW earlier this month in yellow which topped at around $1.36
Then we have started to create an ABCDE triangle correction which we are in the middle of now. You can see the ABCDE in light blue lines. Each of these waves has a 3 wave correction (ABC) in them as per the EW rules and we are currently at the bottom of wave C of the ABCDE.
I believe what might happen next is we go up to approx. $1.26 for top of wave D, then head down to approx. $1.18 for wave E to complete this triangle correction.
From there, if this trend is to continue we should break out of the triangle with a new EW 12345 Impulse move, which should take us to around $1.6-$1.7 XRP by mid September.
Chart:
Chart showing just the ABCDE:
Some things to look out for for entries would be hidden bullish divergence on bottom of wave E if you want an aggressive entry with go R:R, or wait for the breakout of Wave D and triangle, or wait for the breakout, close and retest (bottom of wave 2 on the new EWs)