Investors were excited with the recent hike on XRP prices. The hike was due to the few news items, and prices are heading towards 38% Fibbo level for the retracement. OurElliott wave count so far can only see A-B-C or W-X-Y correction, if we are heading toward complex correction, then any expectation to rising price is still a long way to go. Based on the technical indications, prices may develop a trap to reach around 30 to 35c, and then continue travelling south towards below 20c.
Key areas to watch are
- Fibbo level 38% or 50%.
- development of next bullish move, which may transform into a connector preparing another A-B-C move or it may start a new impulsive move to the north heading price target of above $5.00 before yet another devastating crash.
