Friends, Brother Yang is here again to analyze the XRP market! 📈
Recently, XRP has fallen below $3, and the current key support level is around $2.8. According to Elliott Wave Theory, it is in the downward phase of the 5th wave. Just like on August 1, it fell to $2.90, but as long as it can hold above $2.80, this may just be a 'healthy correction' in the upward trend. If it stabilizes at $2.8, a strong rebound is not a dream!
From the wave structure perspective, we are now at the end of the 5th wave. If the $2.80 support holds, a new round of upward waves might just kick off, with a target pointing above $3.50! Moreover, the price has rebounded multiple times in the $3.05 - $3.10 range, showing the initial formation of a double bottom. However, we need to break through the $3.25 neckline to confirm this pattern.
Brother Yang gives everyone some operational advice: wait for a pullback to around $2.84 - $2.87 before going long, aiming for a target near $2.90 - $2.95. But the market is very volatile, so everyone must choose the right entry point before entering the market!
