Technical analysis by TradinSides about Symbol XRP: Buy recommendation (12/20/2024)

The XRP re-test of the $2 level could be the end of the 2/5 Elliot Wave of the #Ripple bullish cycle.The bullish potential is based on:- The recent launch of #RLUSD,- Trump's embrace of US #altcoins,- the appointment of a pro-crypto SEC #chairman- the resolution of Ripple's legal battle with the #SEC, and- the approval of the XRP-focused exchange-traded funds [#ETF]The classic five-step Elliot Wave proportions are based on 1st Wave being the base of the measurement. Wave 2 usually retraces 38.2% to 61.8% of Wave 1, but never goes beyond the beginning of Wave 1. Wave 3 is often the longest and strongest wave in an impulse, and it typically extends 161.8% or more of Wave 1 (up to 261.8%). Wave 4 retraces about 23.6% to 38.2% of Wave 3, and sometimes up to 50%, but never goes below the start of Wave 3. It should not overlap the price range of Wave 1 in a standard impulse wave. Wave 5 usually matches about 61.8% of the length of Wave 1, but it can go as high as 161.8% of Wave 1 or Wave 3 in strong trends.It went a bit longer than I expected. See my new updated Idea...