XRP / USD has adhered to the short plan in an exemplary manner and corrected the expected full 100 percent of the former upward movement from the beginning of April 2018.
I had written that since the 78.6 Fibonacci Retracment did not bring any support, it must be assumed that a complete correction is to be expected. This has now happened.
Also from the point of view of wave theory, this correction now looks complete. In the analysis of last month exactly, the final low for the wave v of the wave c was still missing as can be seen on the following two screenshots. However, there are two valid count alternatives here, whereby I like the lower one with the expanded flat in wave b better:
As expected and described, a first supportive bottom was reached in the $0.45 range. However, this does not mean that a turnaround will be initiated immediately!
One must not forget how much was destroyed on the way down. Last but not least, the important low from the beginning of April. From the point of view of market technology, the downward trend was confirmed by the recently formed low.
I now strongly assume that in the coming days and weeks a price range will form around the low, in which the price will be pushed back and forth by buyers and sellers without trend.
Therefore, there is nothing to miss at the moment. Anyway, I would not take new long positions until the end of the day above $0.52 and hedge them at a low of $0.42 with stop loss.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy