Elliott waves crypto analysis – We’re short towards 0.5252

XRP –

We're short towards 0.5252

Wave Analysis

Yesterday, Ripple bounced off perfectly from the upper trend line acting as the top to the converging wedge formation, and most importantly, ended up breaking below 0.6796. This is a potential sign that the bears are taking charge, and while the price is rallying within the converging wedge formation, we expect a drastic decline in value and may extend beyond 0.5252 towards 0.4493 or even lower. Instead of going short now, conservative traders could wait for a pullback towards 0.6795 to pick a low risk short position with targets at 0.5252 and 0.4493 respectively.

Trade Recommendations:

We’re short towards 0.5252

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