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00:00Hello,
00:13hello,
00:13and welcome to another updated video about XRP.
00:17So XRP's chart is trying to break out. Okay.
00:21We have already that breakout above the trend line, um, talked about that.
00:26I did talk about, I expect higher prices.
00:29So it's good to see it's happening. I'm just,
00:31I'm just always on high alert with XRP because, you know,
00:34there have been so many fake outs in the past and we still haven't got a
00:37sustained break above that 66 cent level, which I highlighted as key resistance.
00:42Anybody who watched yesterday's video and the videos from the days before knows
00:46that because that's really the key level here.
00:48That's the swing high that formed in July.
00:50And it historically has been a very, very important level on the XRP chart.
00:55Overall, I would still call that a sideways range, but we are, you know,
00:58it's going in the expected direction.
01:01I would just expect still surprises along the way.
01:04And this is all corrective price action. It doesn't look impulsive at all.
01:09And therefore I'm still on high alert that it might still
01:13be,
01:15it might still be some kind of a triangle,
01:18even though that wave D is now above B. So actually it's not really valid anymore,
01:23but,
01:25but we know that sometimes the D wave
01:30is allowed to slightly overshoot.
01:33It's not a reliable count though anymore, this white count.
01:36And therefore I'm watching the yellow count until, which is the direct breakout.
01:41So both counts allow for higher, both counts are bullish,
01:45but the yellow scenario allows for the direct move up without any
01:50more higher low. Even in this, I mean,
01:53even the white count, I mean, maybe,
01:55maybe we completed this E wave and it was just very, very weak.
01:59That's possible.
02:00But for now, another E wave down would be my, let's say,
02:04short term bearish alternative,
02:05but because we are pushing higher with a lot of momentum into that
02:10target zone up here between 86 and $1.02 next,
02:14because we already trying to break out,
02:17I am following the yellow count until it gets invalidated.
02:20And the invalidation point,
02:21at least here locally for the direct pathway higher would be this
02:26last swing low that formed here at around 57.5 cents.
02:31But it's a very, very difficult microstructure. I really have to say that.
02:36Remember that in the yellow scenario,
02:38I highlighted to you that this year would be an A wave up,
02:42a B wave down, and the C wave could be a diagonal, which would be wave one,
02:47wave two, wave three,
02:49but really I haven't got a good read of the microstructure.
02:52So be ready for surprises then waves four, five,
02:55and then this would be the direct move up.
02:58And we highlighted we can focus on higher against the 6th of September low.
03:02Now we're too far away from that.
03:04So we need a key level that's a little bit closer, which I just gave you.
03:07Now thinking about it,
03:09maybe the triangle is not the best option anymore as a bearish alternative,
03:12but what would be possible still is some kind of a more extended
03:17ABC structure. So if we say, okay, in, in the yellow count,
03:21the B wave bottomed
03:24then due to the entire, you know, the corrective movements here,
03:29we could still say that maybe the B wave is still unfolding,
03:33but maybe not as a triangle, but rather, you know,
03:36something else that's possible.
03:37Another scenario would be definitely a W
03:42X Y structure. You know, if it now comes down again,
03:46I would, I would pay close attention to this W X Y structure.
03:51It's just high risk. You know, this scenario, it's just, it's this discount.
03:56It's just,
03:57it's just telling me that it's a high chance of morphing and transforming.
04:01So it's very simple. Actually,
04:03we can say that against that 57 and a half cent level,
04:07just a swing low from Wednesday, the 25th,
04:09the focus could be on direct higher prices.
04:12Next upside milestone target around 86 and a half cents.
04:16But a break below that level,
04:18which I will highlight here with the red line.
04:20And I will also take out the,
04:24I will remove the yellow trend lines. We don't need them anymore.
04:28Given that the trend line is broken, right?
04:33So this is sort of that the last swing lows are relevant.
04:37So against those against that red line, the focus can be on higher,
04:40but if we break below, then it's likely here,
04:43wave Y of B that's unfolding, which,
04:47and we might then test sort of the area around the 5th of August low again,
04:51before trying to push higher. So yeah, very messy structure.
04:54Wouldn't be surprised at all if it changes, but for now,
04:58the momentum is up and the next task for the bulls is to break
05:02above those swing highs here around 66 cents,
05:05and then to get to 86 cents next year. And again,
05:09the key level here that needs to hold for upside momentum to,
05:13to remain, let's say high is the 57 and a half cent level
05:20due to the unclear structure here.
05:25I don't really have a good micro count. Yeah, I really don't.
05:28There's just, there's just too many possibilities, too many possibilities,
05:32but these are the last swing lows from where a potentially impulsive looking
05:36increase in the C wave started.
05:38So I'm gonna take that as the last key level there.
05:43That's the update about XRP. Hope you liked the update. If you did,
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05:59content. Thanks a lot for watching. Bye-bye.