This pump on XRP is a bull trap to wipe out short traders before we continue lower to 0.1-0.2 USDT. Of course, you can trade XRP on the 1h chart and profit from this pump, but this analysis is on the 3D chart.
There is still room to go to the upside, so for short-term traders it's definitely an opportunity, but it's very dangerous in my opinion because this correction might already be complete.
The Bears have a fantastic opportunity to enter a short position at the top of the parallel channel + the POC of the previous symmetrical triangle. It is a common thing to re-test the symmetrical triangle at the apex point.
The trend is still very bearish on the higher timeframes, so this is just a temporary uptrend, which I would never long, because the trend is your friend. I don't know, maybe it is.
XRP has been in a bear market since 2017. It has been 5 years and we didn't even hit a new all-time high during the 2020–2021 bull market.
We have strong support at 0.1 USDT, where we can also take stop losses below this swing low before continuing higher.
As per my Elliott Wave analysis, this whole structure is totally incomplete and I am missing an impulse wave dawnward.
But after all, I think XRP will experience a massive bull market, maybe in 2023-2025, to new all-time highs because it looks very solid on the monthly scale.
Think you’re missing the major effect of the SEC case. With the Hinman emails just having been ordered to be released by the SEC, this could quickly force a settlement and resolution to the case, creating a bull run and relisting of XRP on all exchanges. Barring the lawsuit, your analysis is sound. But this needs to be taken into consideration.
Tolberti
⋅
@jaxonella11, It's possible, but we need to break the channel first.