Most cryptos are following a pattern where they just printed a 4 wave point which is supported by the top of the downward channel they've been in. (See attached bnb chart for an example)
However for xrp its 4 point is well below the red channel trend line on the chart so the likelihood that its 5 wave will even hit the prior congestion region seems muted.
If it does hit that target around .3 it will probably only be after a lot of chop and hesitation.
I would not short this since the rest of the crypto market is bullish, however if btc rolls over then xrp might be at a good place for a short so long as a tight stop is used.
However for xrp its 4 point is well below the red channel trend line on the chart so the likelihood that its 5 wave will even hit the prior congestion region seems muted.
If it does hit that target around .3 it will probably only be after a lot of chop and hesitation.
I would not short this since the rest of the crypto market is bullish, however if btc rolls over then xrp might be at a good place for a short so long as a tight stop is used.
