Here we have XRP on the weekly chart. Unfortunately, As we can see, Ripple was one of the cryptos which retraced the most. To almost a 100% of wave 1! After 5 minor waves up, so far we have an ABC type of correction. If we assume that we are done with the correction, we can anticipate the start of wave 3 which is often the longest wave! However, we could get an ABCDE correction also. In both cases, we can target minimum x1.618 or 2.618 of wave one for wave 3.
If we have a look at MACD indicator, we can see a slight bullish divergence. This could be a good sign of bullish trend in a long term:
6 to 12 months Target: 5.5 - 8.5 $
* Let me know your thoughts in the comment section. What do you think the price of XRP would be by 2019? *
I thought an ABC correction was not supposed to penetrate past the end of Wave 4. That said, the retrace to recent low did not go below the start of Wave 1, so that would be a valid Wave 2. I agree, Wave 3 could extend to 1.618 fib. I would say this to be a super long term analysis, but history has shown this kind of movement can happen in the matter of a month.
thats_me
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@Exsilium, The correction could be up to 100% of the total 5 waves but this is rare. often corrections will end near extreme of wave 2!
lazytrade
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I've been saying $11 - $11 before the year ends..not that it will stay there. It's crypto after all! :)
Dreamber
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that sounds simple and reasonable. Thanks for sharing!