Foreign Welcome to another update video about Xrp like many other coins of course xrp Also wasn't Um yeah or was affected of course you Know it was affected Um and yeah it invalidated the triangle Here so you will remember from the Previous videos my view was always that The rally here wasn't really real so That it was really only some kind of a Corrective rally Um that could continue higher certainly With short-term upside potential but Would eventually as indicated on this Chart come down so let's start at the Bigger picture and then we take a look At the um the subdivisions and the move Down is starting earlier than expected But um yeah triggered obviously by the Crazy events currently in the crypto Space so my view is that the decline Here that started in September 21 at 1 40. was a w wave yeah which bottomed Them back in January 22 we moved up in a Wave X we're now coming down in a wave y So that we that view hasn't changed for For a long time and in this Wave Y in Which we now are We have three waves a b and c so The view is that this was a wave a we've Now moved up in the wave B and completed Wave B already yeah and we're now coming Down in C so let's take a look at that
You will ask some of you might ask why I Did not anticipate let's say the rally Here that happened there was a quite Substantial rally since middle of September which then Consolidated for a While in some kind of a triangle pattern You you might ask why if you're new on This channel why I did not consider this Really real and the breakout like many Other others did Um it was because I always said I could Not ignore the messy price action here So there was always the tendency for me To break down eventually I mean that was Primary expectation but of course short Term I did expect a break out of the Triangle to the upside that's how it Looked like and I think it would have Worked out but with the latest I mean I don't even know how to call This Black Swan event it obviously Invalidated the triangle so what I have To do so this potential beginning of an Uptrend Um failed miserably But he again you can see the strength of The elite waves because if you use Elliot wave correctly Then you Um Then you're warned then you'll want on Time Bear in mind we'll be and just try to Educate as well in these videos so bear
In mind what we said in the last in the Last video so we had here the assumption That yes primarily we will come down and Make lower lows eventually and we might See that in the next few days Um but that there could be this Short-term upside so basically in This B wave that we had another w x y And that in this y wave we could rally To sort of 75 cents okay Condition for that was to hold well First of all to complete the triangle Here which looked really good A B C D E And then we would have expected a Breakout to the upside I think we had Really good chance to do it Condition was to hold the yellow support Box right now as we didn't hold the Yellow support box and he here your stop Loss comes into play if you trade this You know and that's such a strength of The edit wave method because it tells You By adhering to the rulers of the elite Wave method right and you know certain Guidelines when a certain move is going To get extremely unlikely And that we would still break out to the Upside who was getting very unlikely Below the yellow support box so below 46 Cents so it doesn't matter then if you Set your stop loss at 45 or maybe you Just set a picture below the previous Swing low at 44 you could have avoided
All this Well Crash yeah you could have avoided that By understanding oh no the trade setup Isn't going to work Let's get out of here let's get out of Here yeah and at the latest at the drop Below the low of the wave a because That's when I mentioned to you if we Drop below the low of the wave a This triangle is going to get Invalidated and we're going to come down In the first instance remember I Mentioned the 38 Cent level and then hit The 34 and we've even broken below that Now So I have to do I do have to delete now All of these Um I have to bring that down yeah and let Me just do that So I took the bullish potential out Um this was then not This was then not a um a triangle okay Because eventually now with the latest Price information that we have on the Chart we can't really count it like that Anymore I will still count it here as a w x y And then here Um Well yeah a b We can't well you can't still count it As an ABC triangle but then with a
Truncated C wave that's possible in the End it's not too relevant what is oh Well Um Let me just think w x Yeah We'll leave it here like that for now Um the point is that we are now in the Y Wave to the downside And End and end Let's take a look at actually where that Would take us in terms of price targets Um to get a price Target let's see I Haven't actually checked that before For this wave we take the length of the W wave and add it to the beginning of The Wave X well that wouldn't end well that Would take us to five cents let's hope That doesn't really work out Um there's another possibility to Calculate a Target that would also look Quite disastrous I don't even need to Try that if we look at this in terms of ABC the C wave is also very short So let's just not do it because we'll Probably end below zero so yeah Um again it's the whole crypto Market Which is coming down obviously but you Know that my view of the xrp chart has Always been it's it's not a great chart And there are better opportunities out There in my opinion from just purely
From a chart point of view not not Talking about this fundamentally so what Are the next support levels here my view Is now that we are in this wave X sorry Wave C of Y of two And let's talk about support level so I've got a few key supports Um to get a better idea of them we are Going to add the RV pay Historical volume And you can clearly see that we're sort Of now exactly now in this sort of Support zone now this support is ending Around I would say around 32 cents so We're just still holding in that area But if we're losing the 32 Cent level Then we are have a potentially come down Quite strongly and then we've got more Support here so in the 28 Cent area that Is the June low What happens if we lose that level well Let's zoom out and then you can see here More clusters of support but best to go On The Daily Then there will be significant really Significant support around the 19 Cent Level that will be significant support As you can see here Um here and then already it's around 24 Cents so what do we have we've got the Current price level around 32. then it Will be that low from June the 29 Cent Level then we've got a bit of a spike Here around the 24 25 cent level and
Then 19 to 20. but below that level it's Not really going to look good so what we Definitely need to hold here on the xrp Chart Is that level around 19 cents if we lose That as you can see there isn't really Much support left below it Yeah I mean you still have a chance to To find support at this low but there is Just literally just a black hole So that would be the absolute Last chance I think it really needs to Hold that otherwise I mean I don't know Where does it want to go to right Five cents maybe really we'll see but um The point is I'd be extremely careful at The moment generally across the market Um And especially being very careful with With just generally altcoins yeah as I Regularly emphasize just keeping Exposure low I think is important Um just for risk management purposes And this at the moment doesn't look like It is finished yet Yeah so if this is a c wave I mean I I Would think so that we have five waves At least we could say we have five waves And yes this can be counted as a five Wave move down But of course you know the fifth wave Can extend quite a lot so until we Really have a counter reaction maybe a Smaller impulse to the upside
Then we we can't really confirm that This is bottomed in addition what you Can use is trend lines but here this is Going down so steep that you can't even By maybe having it like that you've got Various touch points here and saying if You break above this trend line at least You have a sign of a reversal by I'd be Extremely careful especially tomorrow's CPI data coming up Okay and that's my 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 Thank you