SUMMARY
With the lower low confirmed on Ripple (XRP), what had looked like a wedge breakout has morphed into an extension in time and correction. What is clear is that this is a requisite correction taking place after the five wave impulse as shown by the blue 1,2,3,4,5. The yellow wxyxz as labeled in previous post had called for a lower low which has been confirmed by today's price action.
If the yellow Z is dissected with subwaves, the red abc is near complete because the white five waves down has only 4 and 5 remaining. The bottom is likely close approaching. Can the time and price extension continue with more sideways actions? Yes, but I think much depends on Bitcoin's actions because XRP will likely follow.
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