XRP DAILY ANALYSIS - RIPPLE XRP PRICE PREDICTION - RIPPLE XRP 2024 - RIPPLE ANALYSIS

Summary

The script provides technical analysis of the XRP chart, noting a potential bullish move with five waves up forming after a correction. It outlines key support and resistance levels, a possible third wave in progress that could break local highs if valid, and theories around XRP mirroring Bitcoin's market structure. The overall tone conveys optimism regarding long trade setups for XRP, though cautions that Bitcoin market moves may guide altcoin trends. It aims to spark interest in further analysis and opportunities within the discord community.

Takeaways

• 😊 The speaker thanks the audience for their support of his channel
• 📈 He points out a buyback target level of resistance on the XRP chart
• 👍 XRP price has conformed to an upward trendline with 5 waves, which is bullish
• 🔎 He is watching for another potential long trade opportunity on XRP
• 💡 He invites viewers to join the Discord group for more altcoin signals and community engagement
• 🤝 The Discord community shares lots of trading ideas and bounces ideas off each other
• 🚀 The speaker sees clues that this may be the start of a powerful 3rd wave for XRP
• 🔥 He compares the current XRP move to Bitcoin's rally in September 2021
• ⏰ The local low at $0.4847 invalidates the bullish impulse wave count
• ♾ He theorizes XRP is in a larger corrective pattern before a blow-off top like Bitcoin

Q & A

What key levels and targets has the speaker laid out for the community?

The speaker has laid out a buyback target at the current level of resistance. He is looking for potential long opportunities on XRP.

What is the speaker's outlook on the current XRP price action?

The speaker believes the current XRP price action looks bullish, with 5 waves up confirming a bullish trend. He believes this could indicate the start of a major third wave up.

What is the invalidation level for the bullish view?

The invalidation level is at $0.04847. If the price drops below this, it would invalidate the bullish view.

How does the speaker recommend managing risk?

The speaker recommends using a stop loss below the recent swing low at $0.065. This allows for an 18% correction while still maintaining the bullish view.

What is the speaker's outlook on Bitcoin and the crypto market?

The speaker remains bullish on Bitcoin and the crypto market overall. He believes Bitcoin put in an intermediate top in April 2021 and we are now in a corrective phase within a larger bull market.

What trading opportunities exist right now according to the speaker?

The speaker sees potential long opportunities on XRP at current levels on a retracement. There are also opportunities to trade other coins discussed in the Discord group.

What type of wave count does the speaker have labeled on XRP?

The speaker has the price action labeled as a leading diagonal for wave 1, an ABC correction for wave 2, and a potential powerful third wave underway now.

What is the speaker's preferred Elliott Wave pattern?

The speaker prefers to trade impulsive Elliott Wave patterns, either as a 3rd wave extension or as part of a larger 5 wave sequence.

What is the role of the Discord community according to the speaker?

The Discord community allows members to share trading ideas and opportunities. It provides valuable perspectives beyond just the speaker's analysis.

What is the speaker's ultimate target for the potential XRP third wave?

The ultimate target is a breakout above XRP's all-time high as part of a larger bull market blow-off top, similar to Bitcoin's projected move.