4 hour timeframe:
Locally, the price draws a correction in the form of an ascending channel, I do not see a triangle with a flat top (as many describe). Local resistance at the level of $ 0.26, support at $ 0.21 (the border of the former channel is green dashed). Exit above 26 cents will give a target of 29 - 32 cents, where EMA200 passes on the 4h chart and EMA200 on 1D, where I would fix a third of the position gained in the 17 - 23 range. This zone also coincides with my wave counting (about it below).
MACD19 / 39 with a period of 9 shows bullish divergence and possible local growth.
Wave counting:
I see the entire decline from 78 cents as a correction WXY where W is a regular flat with a short wave B (61.8 of A), A is clearly a three-wave. Wave Y can be either a triangle or a flat correction. That is, now the price is probably drawing B of Y and has targets of 61.8 - 123.6 (there is the zone of MY fixation). Depending on the degree of B of A correction, one can assume a possible end point for the C of Y wave. The green line is a variant with a running correction, the red line is with an extended one. The option with a green correction can also form potential SHS pattern, which will drive the price above 0.45 in case of good market conditions.
Fundamental factors:
- some exchanges restrict or completely stop trading all pairs with XRP for American citizens
- with all this, Grayscale bought a ripple for a record amount on 24 cents
- The court with the SEC is scheduled for February 22, which will bring ambiguity in the eyes of investors and this is very flat in a wide range.
- weighty fundamental factors for growth above 0.45 now and before the court are simply not there.
- 24 thousand Ripple investors have submitted a petition to recognize Ripple as a currency.
Nobody knows how the trial will go, many of the jurisprudences say a likely positive outcome, which will lead to a lack of liquidity of the asset and as a result of growth.
The negative outcome is a decline within the previous descending channel. The asset was purchased for 60% of the money allocated for ripple, an additional purchase costs every half a dollar from 22 cents up to 16
Locally, the price draws a correction in the form of an ascending channel, I do not see a triangle with a flat top (as many describe). Local resistance at the level of $ 0.26, support at $ 0.21 (the border of the former channel is green dashed). Exit above 26 cents will give a target of 29 - 32 cents, where EMA200 passes on the 4h chart and EMA200 on 1D, where I would fix a third of the position gained in the 17 - 23 range. This zone also coincides with my wave counting (about it below).
MACD19 / 39 with a period of 9 shows bullish divergence and possible local growth.
Wave counting:
I see the entire decline from 78 cents as a correction WXY where W is a regular flat with a short wave B (61.8 of A), A is clearly a three-wave. Wave Y can be either a triangle or a flat correction. That is, now the price is probably drawing B of Y and has targets of 61.8 - 123.6 (there is the zone of MY fixation). Depending on the degree of B of A correction, one can assume a possible end point for the C of Y wave. The green line is a variant with a running correction, the red line is with an extended one. The option with a green correction can also form potential SHS pattern, which will drive the price above 0.45 in case of good market conditions.
Fundamental factors:
- some exchanges restrict or completely stop trading all pairs with XRP for American citizens
- with all this, Grayscale bought a ripple for a record amount on 24 cents
- The court with the SEC is scheduled for February 22, which will bring ambiguity in the eyes of investors and this is very flat in a wide range.
- weighty fundamental factors for growth above 0.45 now and before the court are simply not there.
- 24 thousand Ripple investors have submitted a petition to recognize Ripple as a currency.
Nobody knows how the trial will go, many of the jurisprudences say a likely positive outcome, which will lead to a lack of liquidity of the asset and as a result of growth.
The negative outcome is a decline within the previous descending channel. The asset was purchased for 60% of the money allocated for ripple, an additional purchase costs every half a dollar from 22 cents up to 16