Ripple XRP Price News Today Technical Analysis - Ripple XRP 2024 and Elliott Wave Chart Analysis

[Music] hello hello and welcome to another update video about xrp xrp continues to grind a little bit higher but um hasn't actually moved much higher than yesterday or well but it did move up throughout the weekend obviously so we had a bit of a push here on Friday Saturday late Saturday it topped around 60.2 cents so since my last video moved a little bit higher but hasn't changed the overall scenario here there's no clear signal at this stage that the top is in place but we've now nearly reached this trend line we might get one more final push to get to this trend line which is currently located around 61 cents 60 A2 61 cents depending on when it's going to be readed well if it reaches it it doesn't have to my idea is still that we could be dealing with a triangle pattern here okay so we talked about that what is that triangle the triangle is a so-called a b c d e pattern where the e-wave here could form a higher low and we could get one more test maybe of the support region but shouldn't really break below the 6th of September low to keep the triangle scenario alive because in a triangle we are watching seing for lower highs and higher lows and in this scenario this is an a wve a b wve a c wve a dve and an ewave and we might break out to the upside so to the opposite side of the e-wave and how is this triangle pattern integrated well it belongs into an ABC structure where the B wve is actually the triangle wave a to the upside wave B was the Triangle and then a c wve rally to the upside a b c this is the idea and then as I said the B wve would be the triangle and we are watching normally for a breakout to the opposite side of the e-wave that of course requires that the interpretation is correct which can always be wrong especially when we're dealing only with corrective structures which this one is it's clearly not impulsive we're dealing with a corrective pattern here then this is very difficult you know to you know of exactly you don't know exactly where we are but um we can still use the pattern to track certain structures we can use the pattern to identify here really the the most relevant um levels Fibonacci levels and so on and what we know about this triangle is that there are some very clear boundaries which shouldn't be crossed or it will be invalidated so to the downside it's this 6th of September low which is located at around 50 2 cents so this is the key level against which we could focus on higher this is the swing low that must hold to keep the overall uptrend intact and I mean okay I'm talking about overall uptrend but the uptrend expectations okay and I hold those expectations Loosely but below this level we are falling back at least we're falling back into the seawave of the triangle so everything is extending okay everything is extending it would extend the triangle or it would lead to complete invalidation of the triangle a break below that 6th of September low is not invalidation of the overall triangle pattern but it's invalidation of the micro pattern and the idea that the c-wave in the Triangle already completed that we are in the d-wave and then we could get one more higher low in wave e and that's well that's the triangle here AB B CDE e um another interpretation would be obviously that we get a direct breakout to the upside which would be possible in the yellow scenario you know that one this scenario hasn't changed here however I would have to say and we can put a micro count onto the chart now here I have to say um it is also kind of questionable the reason why it's questionable is because the wave one was a three-wave move so the third wave as well so someone asked me today in Our member live stream which we do every Sunday at 5:00 p.m. UTC how I can determine whether a third wave is a five wave wave move or is a three-wave move my answer was is very simple if the wave one was a three-wave move then based on Elliot wave rues not only guidelines but rules tell us that also the third wave should be in ABC so this here would be the micro count for the yellow scenario we would say as you can see this is a three-wave move up the move up from the 6th of September low and in the yellow count this would be um an a-wave okay a waves can be three-wave movements so in the white count this is an ABC structure in wave D in the yellow count it's an ABC structure in wave a we can get a B wve afterwards and a c-wave rally from there so once we have a top I might add a support region but important is that in both scenarios yellow and white and we might not even recognize the difference um the price should hold above the 6th of September low that means against that level we can focus on higher a break below it requires a Readjustment wouldn't invalidate the overall pattern but requires a reinterpretation of the micro count and a break above the 64.2 Cent level this swing high from the 8th of August would indicate a successful breakout but needs to be a convincing break that's the 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 also make sure that you follow us on Instagram and TT Twitter for additional content thanks a lot for watching bye-bye