Hello hello and welcome to another update video about xrp yeah what is going on xrp not doing well not necessarily a surprise um given that I have repeatedly mentioned that the long-term XRP chart is just trendless there is no Trend yeah you can argue okay we are in an uptrend okay fair enough but when does it continue hard to say the price has been in a sideways correction not
Trending since the end of 2017 so yeah it might continue at some point trend the problem with this pattern is that it leaves a lot of room for interpretation for example we may move up directly but it certainly hasn't given us any evidence that it has done that it is also possible if this is an Elliot wave triangle that after a wave one was put in here in 2017 this is just an a-wave down this is a b-wave
A triangle which might go a little more sideways for maybe even a year or so and then we, first of all, come down lower in a sea wave and then we go up higher so there are many options um with this pattern all I can say at the moment is that xrp is caught in a long correction and it hasn't even participated really in the last bull market due to this corrective pattern so it's still caught in that pattern yeah that's just something that I've been
Mentioning um a lot in uh recent weeks and months it's just a difficult chart to deal with which is very much affected by news and why is that the case well first of all with regards to news um the pattern is just corrective so we don't have a strong Trend that's one of the explanations why you know if something's going on with xrp you see these wild pumps but on also dumps we had that most recently here that was on the 13th of November because we don't have a strong
Pattern right not a strong Trend that's leading it yeah um that is constraining the pattern it's very much affected by you know directionless movement that's the problem with xrp so therefore as I said many times xrp likes to move in three-wave structures we have three waves up completed into the recent highs in November and that could be it you know that could be it and because it loves those three-wave movements it could now
Continue the move down if it wants to yeah with another three-wave move so it can move up in five but it hasn't produced a five-wave move in a very very long time to give us a first indication that xrp has put in a lasting low on August 23 we need to see this Wave 1 wave two waves three waves four that's all done but we now need to see a wave five and you can see how it's like it just doesn't want to do five waves okay Bitcoin everything's positive out there
Right but it seems like xrp is waiting for Bitcoin to correct so that xrp can come down as well it's like crazy it can produce five waves absolutely and it's currently trolling our support area again you can see how relevant the Fibonacci levels are uh or the price wouldn't have sustained here or moved within this Fibonacci support area for the last you know two to three weeks so it's 3 weeks so it's been in this support area now
For 3 weeks it's been dancing around here uh you know around that 50% Fibonacci level but there's no indication that we have started to move up in that fifth wave that we've talked about in the previous video so we need to be a little bit more patient um support hasn't broken okay and as long as we're holding that 56 Cent level the overall idea that we could be in a fifth wave is still valid I mean I'm f focusing on the upside as long as
The 56 Cent level is holding so that's the primary scenario at the moment the White Wave count but I can tell you because of the xrp chart history and its reluctance to let's say follow Bitcoin and move up you know we have to be skeptical naturally you know it's just not a chart that's it's not even moving in an Impulse so at best it's diagonal and you cannot trust these really um but as soon as we have five waves up I mean then we can work with it
At a support area for this wave to pullback to trade the third wave which could be the breakout yeah but at the moment no breakout pattern has formed so it's just a quick update about xrp hope you like the update if you did please hit the like button leave a comment and subscribe and if you like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for
Watching bye-bye