I expect purple wave B will go the full way to the end of former wave 5, which corresponds with the resistance line of the downward channel, the 0.5 fib speed resistance and with the support line @ 0,786 fib (= 0,786 €, what a coincidence ;) ). As wave B always consists of three subwaves it already could be counted as this but it is also possible that we will see a test of the support line @ 0,618 fib (= 1,23 €) inbetween the next days before it will go down to 0,786 € (yellow ABC). Therefore, this trade is very tricky and you could end up in a bulltrap (yellow (b)) when the downward channel is broken upwards inbetween.
The next critical point is the end of purple wave B as then a decision has to be made. The price has been on the upper downward trend channel since around a week and could possible fall near to its centre, which would be at around 0.21 €. Personally, I do not think this will happen regarding the XRP news but as markets do behave psychologically most of the time, nothing is impossible.
Regarding the recovery happened around the same time in the last years, I am positive and think we will see the purple wave C testing the support @ 0,5 fib (= 1,54 €) which corresponds with the end of the former wave 4.
There are 2 entry points and both are above the breakthrough of the downward channel. Either on beginning of the yellow wave (b) (be aware of possible bulltrap as described above) or on the beginning of purple wave C (long position is shown in the chart).
(This is no financial advice, etc.)
The next critical point is the end of purple wave B as then a decision has to be made. The price has been on the upper downward trend channel since around a week and could possible fall near to its centre, which would be at around 0.21 €. Personally, I do not think this will happen regarding the XRP news but as markets do behave psychologically most of the time, nothing is impossible.
Regarding the recovery happened around the same time in the last years, I am positive and think we will see the purple wave C testing the support @ 0,5 fib (= 1,54 €) which corresponds with the end of the former wave 4.
There are 2 entry points and both are above the breakthrough of the downward channel. Either on beginning of the yellow wave (b) (be aware of possible bulltrap as described above) or on the beginning of purple wave C (long position is shown in the chart).
(This is no financial advice, etc.)