XRP/USD - Beware of bear trap! Bullish structure intact

After a heavy bull run, we saw a deeper correction on XRPUSD the past days. Looking at the bigger picture the whole upmove in total appears to me as the first impulsive wave, which has been followed by a deeper ABC correction to the trough of wave 4 (visible in the 2H and 4H TF). Another supportive factor is that the trough of wave 4, which is also a demand zone on the daily TF has proven to be a solid support - price has been rejected aggressively at this area ($1.95-$1.90 level). So having said this, I would be indeed VERY surprised to see price breaking structure and forming a lower low.

I am expecting to see price continuing ranging a bit, which should leave us then with our first higher low. followed by the bigger third impulsive wave. I am a longterm holder on XRP but have marked the projected targets for the next impulse. Chances are high that XRP will break the magical $10 before the end of Q1 2018.

Feedback and constructive criticism is appreciated!

Best
Bud

Commentaire:

Here is the 1H view

Commentaire:

Regarding the data on coinmarketcap.... They have excluded Korean prices from coinmarketcaps Ripple data. This made price appearing to drop, likely triggering some panic selling and dumb money leaving the market

Commentaire:

15min view. Might result in either an ABC or ABCDE correction and finally leaving us with the first higher low after the aggressive rejection at the daily demand zone.
Even if price should break this channel to the downside - I am not expecting price to violate the recent low ($1.92)