Foreign Welcome to another update video about Xrp we want to take a look at the lower Level price action here yesterday or was It the day before I told you that we Have a descending trend line here a Break above this trend line would end The imminent downtrend which you can see Happened whenever we broke the trend Line here we did hold by the way the 35 Level Um we actually did a small rally nothing Significant but we made another Well 15 In short period so that's not too bad so Yeah the breakout here was useful It was also making the impression of Some kind of an Ascent sorry descending Wedge here but the good thing is Um with this latest price action we have A bit more clarity in terms of the wave Count I think Um so we talked about that a wave um B top head occurred here around the 50 Cent level that since then we've been Coming down Um but we're waiting still for one more Lower low here to complete the fifth Wave sorry the um the C wave of Y of two Just to show you the high level wave Pattern here by the way It's this one and so far this is playing Out yeah we've been talking about that Um that we haven't seen the low yet for For xrp I think so far the assumption is
Playing out of course we haven't made a New low but we're not too far away Um so the Assumption the high level Assumption has been that we came down in The Wave A moved up in a b came down in A c which bottomed here in January 22 in A wave W which is the first wave of a Larger corrective pattern then we moved Up in an x-wave which is a connector Wave also a corrective wave and now we Are coming down in the Wave Y which Consists of a b c and we're now in this C wave and the C wave consists of five Sub waves so now that we've seen price Action we can actually get a bit of a Better idea where we might be in this Overall cycle because this move to the Upside to be honest it looks to me still A bit corrective even though we've got Five waves to the upside here so we have So let's take a look at the bearish as Well as the bullish wave count so the Bearish count let me just zoom out a bit Too so the bearish count suggests that We are coming down In obviously five waves right so what we Are doing here from the top we came down In a wave one moved up in two Which peaked here at around 48 cents Then we've come down in a wave Three oops with my with my mouse gun oh There you go It came down in wave three here all the Way down to around 31 point
Seven cents and now we're moving up in a Fourth wave and would come down in a Final fifth wave to make a new low Um at the moment the view is Um the view is that down here in this Wave three we had five waves as well so You can actually count this as a five Wave structure just to show you that one Two Three four Five Okay not beautiful but it's a five wave Structure the long dip here indicates It's a wave three and the way three or Three is often very bearish or bullish The other way around right now we're Moving up in wave four I can give you um Just an idea of how the wave pattern is Working out at the moment it seems like The cryptos are doing a bit of a w x y Structure here all of them w x y with Each of these ABC yeah and now we are Coming down in the last impulse to the Downside that latest dip here looks Quite impulsive on the xrp chart But also it's not a very clear and power So this would have to be a one two one Two setup and further downside from here Confirmation that indeed we are coming Further down will be Oops Confirmation that we are coming down Will be obtained as soon as we go below 33.2 cents the 78 yeah the 78.6 retrace
You will already get a good indication That we are coming down below 35.3 That's the wave X low so that's the Bearish wave count Could we consider this a bullish count Yes we could the difference here is that We have a bit of a more even more messy Overall structure than Bitcoin Bitcoin Has already made a new low therefore With Bitcoin we can carefully lean Towards a bullish outcome if you've Watched the Bitcoin video and you think Right we have on the Bitcoin chart five Waves up here you can actually count it As a five-way structure as well it would Be a diagonal though because they're Overlapping Um but with Bitcoin the difference is it Made a new low it has a chance to start Again in xrp as we've really done that Yet so um yes of course you know this Could be a five-way structure one two Three four five it would have to be a Diagonal and then we would need to hold A very important support level so if we Come down further now If we hold the 33.4 Cent level you know This is still a chance then to Rally Higher than we have a wave one here a Wave two down would move up in a way Three it's not high confidence at the Moment and we would need to hold the 33.4 Cent level and then follow through Break above the 40.1 Cent level if we do
That then we are in probably a breakout Pattern but at the moment I'd be leaning Towards the downside unless the chart Proves it by breaking above 40.1 Cent That we actually are in a different Pattern in a breakout pattern yeah Um so yeah I'm just leaning towards the Downside because the overall context Here on the chart is still bearish Um And also a leading diagonal is not a Very reliable pattern but yeah these are The two options here you know which Levels to watch out for I hope you like The update about xrp if you did please Hit the like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye