Ripple Searches For Support
Gregor Horvat | May 24, 2021 04:05AM ET
- Any Recovery on ALTcoins this week can be temporary
- Ripple slid by more than 41% in the last 7 days
- XRP USD can look for support around 0.80-0.40 support area
Bitcoin is recovering again after three waves up and down, so a new minimum three-wave A-B-C recovery can be now in play and we should keep an eye on a potential sideways triangle formation shared already on Friday.
At the same time, major ALTcoins may face a corrective pullback either within wave B or within wave sub wave 4, so any recovery this week can be only temporarily before we will see more weakness. Caution and patience!
Ripple XRP is trading around 0.85 and down -3.84% in the last 24 hours and -41.21% in the last 7 days at 7:50 am GMT writing time.
From an Elliott Wave analysis XRP/USD is coming down following Crypto market sell-off, but we still see it as part of a corrective movement within wave C of (C) where first support can be here around 0.80 area, however, watch out for lower support levels, maybe even down to the lower triangle line and 0.40 support area.
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