I expect a bit a bigger correction in order to form Pennant Formation. However, because of the extreme sell off that we saw 25th of April - it can possibly be invalid and thats why we track elliot waves in this market.
In this case, Ripple found support at 0.45 level and turned sharply just like other cryptocurrencies, but beware, because Ripple can be 4th way ...
Wave 2 Retrace between 50.00% and 61.80% of Wave 1.
3rd Wave is an extended wave. Wave 3 is between 261.8% and 323.60% of wave 1.
Wave 4 Retrace between 23.60% and 38.20% of Wave 3.
Wave 5 could be equal to 61.8% to 76.4% of wave 3.
At the risk of sounding like a broken record player, another bounce is on the cards. I say bounce because it's due to be "corrective", which means there will still be a new low to follow.
Currently we can see that the divergence on the MACD is even greater than when we were looking for the red wave iv, a MACD "buy" signal could provide a great entry for the short ...