XRP: A-B-C needs to be completed

2021年5月9日

In my own analysis, XRP is one of the coins in which synced with BTC moves. I'd like to point out that these analyses are purely technical views, I am not perma-bull or perma-bear in Crypto or in any markets.
XRP needs to complete its B waves retracement to create the equal or lower high before I would see the C wave retracement towards the 0,7-0,9 $ zone.

Market structure: bullish, possible double bottoms at 1,4-1,48$.
Entry: 1,48-1,55$ (looking for strong candle patterns at the demand zone and sellers are exhaustive in volume. BE CAREFUL, the risk is still there due to the BTC volatility.)
Stop loss: below 1,40-1,35$. (should not hold this Long trade if price broke down the "white box" one more time, that could be a signal of bullish trend is over).
Taking profit:
• Target 1: 1,62-1,68$
• Target 2: 1,75-1,77$
• Target 3: nearly equal ATH, swing high (however I tend to be less positive in XRP to break out 2,06$ ATH, due to the BTC bearish weekly candles).
The main bias in the XRP chart is still bullish, however, a big correction is necessary for the upcoming weeks in May, to attract more buyers in the demand zone (below 1$)
Thank you for any comments and sharing.

2021年5月9日

交易开始

Nice price action at the demand zone, seller's volume is reduced. LONG position is in active, entry 1,48-1,52.

2021年5月10日

注释

First target: 1,62 reached.

2021年5月11日

注释

The impulsive bearish candle is also projected ( at the white box and blue line in the demand zone). Yes as mentioned above, LONG side is facing the volatility from BTC, and XRP is synced with BTC at this moment. Risk control is the key.

2021年5月14日

交易开始

A second chance to LONG XRP, demand zone is nicely held, I expect to see the B Wave completed as projected. Upper target: 1,55-1,157, or even higher like in the previous setup, if the major flow is strong enough.

2021年5月15日

交易结束：到达目标

Target 1: reached as expected at 1,55 then price immediately got reaction, rejection. However I still do believe that we did break out the trendline, now XRP should be more bullish in the next 24h-48h, ultimately the target is nearly as same as the previous analysis around 1,7-1,9 top.

2021年5月18日

交易结束：到达目标

Target 2: reached at 1,65-1,68

2021年6月22日

注释

C Wave is completed or not? as I mentioned that XRP moves are synced with BTC under the bearish market condition. There would be NO "exceptional" performance alone for XRP. I would recommend that if BTC did go lower below sub 30k major support now, XRP will follow for sure to 0,3-0,45 cents again.