• XRP declined to fulfill the fifth leg of a bearish Elliot Wave on the hourly chart.
• Yesterday’s decline pushed XRP into a potential buying area.
• XRP is building momentum after the court finalized the Ripple vs SEC case.

XRP dipped yesterday, briefly aligning with a prediction by Cheeky Crypto on YouTube, before reversing course and continuing its upward climb. The seventh-ranked crypto fell to $0.57900 before closing at $0.58693, based on TradingView data.

The analyst forecasted the pullback in a podcast, pointing to an Elliot Wave on the XRP one-hour chart that had yet to complete its fifth and final leg. XRP’s decline on Monday slightly exceeded the analyst’s short target. However, he noted the altcoin would enter a bullish phase by crossing above $0.59900, the bottom of the first leg of the five-phase Elliot Wave.

It is worth noting that XRP completed the reversed Head-and-Shoulders pattern last weekend before initiating the five-phase Elliot Wave pattern identified by the Cheeky Crypto analyst. The altcoin’s price rose to $0.63100 last Saturday, retesting the key resistance it formed in late July.

The $0.63100 region has emerged as a crucial a…

The post XRP Dips, Then Rebounds: Bullish Breakout on the Horizon? appeared first on Coin Edition.

• XRP declined to fulfill the fifth leg of a bearish Elliot Wave on the hourly chart.
• Yesterday’s decline pushed XRP into a potential buying area.
• XRP is building momentum after the court finalized the Ripple vs SEC case.

XRP dipped yesterday, briefly aligning with a prediction by Cheeky Crypto on YouTube, before reversing course and continuing its upward climb. The seventh-ranked crypto fell to $0.57900 before closing at $0.58693, based on TradingView data.

The analyst forecasted the pullback in a podcast, pointing to an Elliot Wave on the XRP one-hour chart that had yet to complete its fifth and final leg. XRP’s decline on Monday slightly exceeded the analyst’s short target. However, he noted the altcoin would enter a bullish phase by crossing above $0.59900, the bottom of the first leg of the five-phase Elliot Wave.

It is worth noting that XRP completed the reversed Head-and-Shoulders pattern last weekend before initiating the five-phase Elliot Wave pattern identified by the Cheeky Crypto analyst. The altcoin’s price rose to $0.63100 last Saturday, retesting the key resistance it formed in late July.

The $0.63100 region has emerged as a crucial a…

The post XRP Dips, Then Rebounds: Bullish Breakout on the Horizon? appeared first on Coin Edition.