Foreign Welcome to another update video about Xrp it's been a while but as you know I Didn't feel very well For a few days so I did uh I did my work Through now and now we get to Xrp and we continue to be in a pattern Here which I would class As corrective to the upside Um I think what we could be could be Looking at here is the so-called ending Diagonal in this C wave to the downside Which would finish off this y wave Um we can zoom out and you can get an Understanding of the overall Structure how I see the decline from the Um last bull market High And I see the decline as a so-called w x Y corrective pattern these are more Complex patterns than traditional ABCs But they are getting more and more Frequent in today's Volatile and complex markets Each of these subwaves W and X and Y Consist of an ABC So also in the Y wave here we have an A B C now and Um I understand that the C wave could be A So-called second A so-called ending diagonal yeah these Five waves Follow obviously a so-called ending
Diagonal pattern then this is not Necessarily Um Guided by all the great Fibonacci Extension levels because diagonals are a Bit messy so you can have an overlap Between Wave 1 and 4 for example in this Case we've got our wave one here the Wave two here the wave three down there The wave four here and ideally we see Another wave five to the downside Um we are in something that you could Consider a ascending Um wedge Generally a rather bearish pattern it's Not a perfect one but we've got a nice Nicely defined trend line down there Only basically two touch points up there But still good enough for me I think it Looks like an ascending wedge and it Would make sense to break to the Downside here you know looking at the Overall wave pattern But we have to be honest here Um Xrp's chart is quite messy and there are Really honestly that there are numerous Possibilities here how this could all Work out I mean I even thought about I Mean I really looked at this chart for a Long time and so reluctant to look at This chart generally from an analysis Point of view because it is just so Ah it is so messy honestly and um
There's just so much possible there is So much what you can what you can Interpret into this I mean Um I could even say I could even say let me just See where we are if I go back a little Bit And this is the yeah and and this is if I zoom out a bit I even thought about but this is Total bear Market stuff right Total bear Market stuff I even thought About looking at this entire thing Actually as a triangle but this would Need a complete rethink of the overall Um The overall interpretation of this thing Here yeah in that I would see This as a very very big Elite wave Triangle I mean look at this where they Start this starts in the Triangle would Start in April 21 yeah and I would see This as a wave a Then this year would have been well with The last low here as a wave B let me think yeah that should be a b Wave Then we could get a wave C next here There'll be a d and then the I thought About this I'm not sure this is there's Literally not enough evidence to really Focus on that fully but it's it's Possible you know this could just Because it's just moving sideways really
Um so yeah just thought about that But this obviously is one count that I Showed you and we would break to the Downside here especially likely as long As we stay below 42 cents yeah below These two swing lows here Um What else do we have as a possibility I could look at this I could look at this pattern down here Not only as a three four which would Result in a five but we could also con Consider it being a breakout pattern but From experience what we've seen since June across cryptos those patterns very Rarely did lead to breakouts So we could look at this for example Here as a one To set up and then here we've got Another one two setup but that we would Now need to be in a third wave to the Upside I I don't really see the evidence That would this would have to be another One to set up And it literally would need to start now From here if it doesn't it probably Loses every momentum it would need to Break above yeah basically 41.8 cents I don't know I don't I don't see it at The moment right So yeah for me a highly uncertain chart I must say my focus would still be on The downside here Um
With key support here around that area Around 31 and a half cents this is a key Support area I mean if we drop below That area I think we have a good chance to Actually retest If you zoom out re-test this massive Descending wedge remember we broke out Of this switch here back in September we Haven't really retested it yet So I wouldn't be surprised to come down Actually retested maybe in the 20 cent Range and then to take off that's Obviously possible So yeah it's extremely difficult here Um Obviously if we go above 42 cents I Think then we can easily reach here sort Of the region around 51 then 55 and if We break out above that level Then it is worth to consider either a Breakout or this large triangle pattern That I talked about Um but yeah consider targets to the Upside around 51 and 55 cents first Should take a while to play out anyway If we do it Um but my primary expectation is still Down I mean if you look at this we're Now on the eight hour chart the eight Hour MCD is already turning down here Not very good right momentum is down Here on the daily as well bullish Momentum is decreasing already so let's
See if the break out to the downside is Going to happen here shortly Okay that's my update about xrp Hopefully 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 Thank you