Ripple XRP - Market overview + Elliott Wave analysis
- XRP is a very weak coin this year, and this trend will probably continue for another year. I'll tell you why.
- During the bull market in 2020–2021, XRP failed to print an impulsive wave and also failed to make a new all-time high. Instead of an impulsive structure, we have an ABC correction.
- This tells us that the bulls are not strong enough yet to push the price higher and that the bears remain in full control.
- I think XRP will experience a massive uptrend on the weekly chart, but we still need to be patient and wait for the opportunity that should come later in 2023–2024.
- As per my Elliott Wave analysis, this bearish structure is absolutely incomplete, and that's why I expect another down-trend.
- The chart printed a symmetrical triangle on the weekly chart that broke down. Symmetrical triangles on weekly timeframes are especially powerful, and it usually requires more time for the bulls to regain strength again.
- I expect tremendous gains for selected altcoins. You can find them in the related section down below.
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