2023-6-23 19:00 |
Based on the recent analysis of XRP’s price, it’s observed that the cryptocurrency is currently in a state of flux. The price has remained relatively unchanged, with a slight dip observed recently. However, the downward movement has not yet formed a clear impulsive pattern, indicating that the price could still fluctuate before a decisive trend is established.
The recent upward movement in XRP’s price can be interpreted as a corrective phase, labeled as WXY. This phase could extend until the price breaks below the X wave low at 47.1 cents. A further confirmation of a downward trend would be a drop below the swing low, which is a wave one low at 45.6 cents.
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Show more +Show less –Looking at the bigger picture, the price movement from the March high to the low can be counted as a five-wave move, followed by a wave 2 correction to the upside. This pattern suggests a potential setup for another tiny one-two wave. The key level to watch is the swing high at 52.7 cents. As long as this level remains intact, the focus could be on a potential downward trend.
In terms of targets for a potential third wave in the circle wave three, we typically look at the 1.618 extension, which would place the price at around 35 cents. However, it’s important to note that the XRP chart is somewhat messy, with a lot of overlapping price action and corrective movements in both directions. This makes the wave count less certain, and it’s possible that the count could change in the future.
Source: TradingView
If the price breaks above the 52.7 cents level, we might have to consider a more bullish short-term scenario. However, any upward movement so far has been corrective and in three waves. Therefore, even if the price breaks above the 52.7 cents level, it doesn’t necessarily mean that the overall trend has turned bullish.
In the event of a break above the 52.7 cents level, the first potential target would be around 56 cents, which is the larger wave two high. A break above this level could unlock prices all the way into the 70 cents range. However, even in this scenario, the risk of another bear market low would remain unless we see a proper impulse to the upside.
In conclusion, while there is potential for XRP’s price to move higher, any such movement at this stage would be based on speculation. The key pivot points to watch are the swing high at 52.7 cents for potential upward movement, and the X wave low at 47.1 cents and the wave one low at 45.6 cents for potential downward movement.
As long as the price remains below the last significant swing high, the pressure remains to the downside. However, a break below the indicated levels would be needed to confirm this downside potential.
Arbitrum: Bullish Potential?Arbitrum, a relatively new altcoin project, presents an interesting case for analysis. Despite its novelty and the limited data available, some short-term trends can be discerned.
The cryptocurrency hit a low on June 15th, forming a pattern that resembles a cup (a U-shaped pattern that can signify a bullish turn). This low point forms a crucial support level for the asset. Another low point was observed on May 8th, which is marked as a significant level. The fact that Arbitrum is trading above these levels suggests a bullish potential.
Source: TradingView
Furthermore, Arbitrum is trading above both the EMA10 and EMA21, while the RSI is above 50. These are all positive signals that suggest the potential for further growth. As long as Arbitrum remains above the $100 mark (the low of May 8th), the EMA10, and maintains a bullish RSI, we can expect additional growth. However, if these conditions change, the bullish bias could be lost.
With these signals and risks defined, we can look at potential targets. These are mapped at $146 and $238, which are achievable for this pair. However, as always, it’s crucial to conduct your own research and planning.
In conclusion, while Arbitrum shows promising signs of growth, it’s important to keep an eye on the key levels and indicators. As long as the asset maintains its current trajectory, there’s potential for further growth. However, any changes in these conditions could shift the bias from bullish to bearish.
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