Aragorn Windbreaker@AragornWindbrkr
🚨 LET’S TALK $XRP
XRP has BOTTOMED?
Levels I’m watching:
-$1.85 — Possible breakout confirmation
-$1.68 — Next resistance zone
-$1.12 — Local key support
2 weeks ago, I said in the XRP update that:
“An argument could be made, XRP already made 5-waves here, almost tagging a common Wave C 1.618 target at $1.1085 upper red support line.
But our primary is that crypto has one more leg down, so let’s see what the next common targets are for XRP as well, if that’s the case.”
Today, we will leave that assumption aside.
If Bitcoin makes another low, XRP doesn’t need to.
Technical structure always comes first. If XRP printed 5-waves that are needed for a technical bottom, than that’s all we need.
XRP was a leader in the November 2024 crypto pump.
Will he be a leader once again this year, starting this bull run?
WHERE ARE WE IN THIS BEAR MARKET CORRECTION?
Looking at the Daily chart, this is one of the simplest charts in crypto if only we don’t complicate it. But we learn that as we go, right?
Since Jan 2025, XRP started an ABC Irregular flat correction (Red count), with Wave B making a bull trap higher high.
To get our bottom and finish this technical correction, we are looking for 5 waves in Wave C.
Redoing the wave count, this Blue 5-wave count is a plausible scenario, which respects the technical rules, and it even tapped our blue box target area.
LOCAL AREA and THE TRICKY PART:
From the bottom move up, we are always looking for some kind of a clean 5-wave structure, to give us a first hint of the change of structure.
If we get a 3-wave move up, this tells us it may be a corrective structure, still part of a correction, and not a possible start of a new bullish trend.
THE TRICKY PART:
Zooming in on the 4h chart, we can see that the move from the bottom up on 6th Feb is a clear 3-wave move.
But when we drill in on the lower time frames, we can actually find a hidden starting wave 1 that we can’t see otherwise.
Meaning, this White 5-wave move up can be a proper impulsive move, which makes Wave 1 of a larger 5-wave impulsive move, as shown on the chart.
In this case, the next move we are looking for is a completion of the Red ABC Wave 2 into the Red target box, before starting the strongest Wave 3, which will confirm our BULL RUN.
INVALIDATION:
Lose the $1.12 low, and look for the next low targets in the bigger Blue box zone.
Let me know what you think?
Will update you tomorrow if we get price action.
Yesterday’s $BTC analysis on the post below.
Stay tuned for more updates and news.
Happy Friday from #fartboy community.
