$XRP
🚨 Is XRP Bullish or Bearish? 🚨
The shorter-term six-hour time frame does show some worrying signs for the future trend for two main reasons.
Firstly, the XRP price trades inside an ascending parallel channel, which usually contains corrective movements.
Secondly, a potential A-B-C corrective structure (green) has been developing since April 7, in which waves A and C are the same length.
If this bearish count is accurate, XRP completed wave C on May 12 (red icon), and the price has begun its downward movement today.
Bearish divergences in the six-hour RSI and MACD (orange) support this bearish XRP prediction.
Nevertheless, there is a bullish alternative. The XRP price may have completed a leading diagonal for wave one (green) and is now in the first stages of a wave three extension.
The sub-wave count is in black, predicting a similar short-term decline. Afterward, the price of XRP will resume its upward movement.
Since a breakdown from the channel will invalidate the bullish XRP outlook, whether the price breaks down will determine the direction of the future trend.
