Foreign [Music] Video about xrp for xrp here the um View is basically unchanged that we are Going to see one more low in my opinion Yeah I don't think Um we've seen the low yet this hasn't Changed this view hasn't changed Um well it's never changed really I've Always been waiting for one more low Then we had this rally to the upside but I told you that there is no evidence That this is already pumping yeah and I Think this assumption was correct I did initially see some more short-term Upside potential this did not Materialize due to the strong sell-off Here on the 9th of November Um but yeah the The View was that we're Going to make one more low and I think We're on a good way to that we've now Come dangerously close to the June low So yeah I think at least at the moment There is no signal that um the low is Already in generally my view here for Xrp long-term view is it's not a great Chart problem is that this high from the Last Bull Run is lower than the high From the first Bull Run It's not a sign of strength we can still Give the benefit of the doubt but the Chart itself doesn't look great I'm just thinking if we can actually Draw something like a descending wedge
Here Which would indicate in not ideally not Ideally but Well maybe so if you draw this And this is only a guide right it's only A guide but if you look at this whole Thing as a so-called descending wedge You can actually see that most recently We broke out Now this still doesn't mean that the low Is in but it means we broke out of this Sort of downtrend downtrending Channel Wedge If I zoom in now and we might have Retested this already or come down a bit Low maybe one more dip and then we've Made a new low and then we could start That's at least an assumption and Definitely a possibility but I think It's not worthy to say that we broke out Of this descending wedge but overall Um I see this here as a wave one to the Upside Was ugly Of the wave one to the upside that led All the way to around 198 that was in April 21 and since then we've come down In this Wave 2 I think the Wave 2 is not Finished at least there is no evidence That it is and the Wave 2 is a wxy Pattern with W with X Wave Y each of These sub waves consists of an ABC and We are now obviously in the Y wave which Consists here of a wave a a wave B and
The wave C this hasn't really changed I Think I only have changed the position Of the wave B due to the latest strong Sell-off And If we now go here to the One hour chart or let's go to the four Hour then we see it a bit better Um so my view is that from this wave b Top which was reached at around 55 cents We've obviously come down that last leg Down is quite impulsive so an idea for a Wave count here for the wave Uh C of Y with C is a five wave move we Could say this was a wave one this is a Wave two basically an ABC this year as a Wave three we might just put the Wave 4 In the moment as a triangle maybe and There'll be one more wave five and this Could be some kind of a diagonal so it Wouldn't be a disaster if waves one and Four overlap but they don't do at the Moment Um This looks to me like a potential well Kind of triangle pattern Contracting Triangle maybe in this fourth wave a Fourth wave likes to do these things Um so basically you could say that the Wave 3 was finished down here on the 10th of November That low 9th of November at 31 cents and Then we've moved up well and we are Putting this triangle in place that
Triangle formation is possible for Bitcoin for example as well And it's a so-called Contracting Triangle with a b c d and we might now Just now put the wave e in and we would Then come down With an impulsive sell-off that would Take us below the June low so below 28 Cents that sort of Ideal and maybe we Are retesting this low here around 25 Cents or so retesting this sort of Descending trend line Um of course we could could we break out To the upside yes but it's unlikely for Me Um don't think we've seen the low yet Because we haven't made a new no hello And the whole message chart structure Here is still there so it would actually Be quite good for the chart to make that One more dip Um Is it possible to go up from here Straight away you know could the low Already be in yes but I find it very Unlikely It would get a bit more likely if we get Above 41 41 and a half cent above the 50 FIP retracement then we could say that The way four Um or it's probably another way four Because the way forward normally not Retrace more than that then it might be Something different maybe something more
Bullish but really as long as we stay Below the 56 Cent level Um yeah nothing has changed here and the Focus would rather still be on the Downside yeah Um I mean to consider this the way this Is structured as a one two one two setup Is possible but for me unlikely the sub Waves don't really align with that Um it suggests here some kind of a Triangle pattern that would fit very Well and you can see how we're actually Moving closer and closer here into the Apex so if we basically until tomorrow We should have a decision here let's see Let's see it's uh often times when when That happens you know volume down here You can see the volume volume is coming Down that always suggests that we are in A triangle triangles represent Indecision of the market but typically When you get squeezed into an apex like That the next move will be quite Impulsive and the triangle shape he Would suggest one more leg down okay and This one update about xrp hope you like The update 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 [Music]