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XRP can be about to be about a large upward outbreak – but only after some crypto analyst Quantum Ascent describes as a necessary and temporary correction. In a new video analysis published on 28 May, the seasoned trader warned that a decrease in the level of $ 2.13 seems to be increasingly likely, but emphasized that such a movement fits in with a larger bullish Elliott golf structure and the macro setup would not disinstallidate.
XRP set to dive before you explode higher?
“I said $ 2.71 was on the deck – and we reached $ 2.66,” Quantum Ascent recalled, referring to a prediction made earlier in May. “I was five cents out. But now it seems that we are a bit of a correction. I am a bit thrown away by the golf count here.”
The confusion, he explained, comes from the structure of what seems to be a completed five-wave movement. Although the third wave in an Elliott golf pattern is usually the longest, the analyst noted inconsistencies in the current formation that justify a deeper technical assessment. Yet the overall structure – especially on the weekly graph – is intact.
“You can see a twist of three-four-five on the weekly,” he said. “That is printing a macro one-two. And the third wave should let us go here from this area.”
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Quantum Ascent Zoom on the 12-hour and daily period of time, pointed to an ABC-correcting pattern that is now probably unfolding, with the C-Golf expecting the A-Golf in length. According to his measurement, this points to a downward target of $ 2.12 – $ 2.13, which is in line with the 0.5 Fibonacci retraction level that has been drawn from the previous impulse wave and also coincides with the fourth wave of the earlier movement – a zone of strong support.
“For me that looks really good as a place for us to relax a little. Maybe they consolidate sideways,” he said. “But I expect that the next step will be up.”
He was determined that a breakdown under $ 2.13 would not form a structural failure: “I find it very difficult to think that XRP is going below this movement below $ 2. It could still be technically and still there would still be nothing to be broken. We are still just looking for a two, and the two could come here if it wanted.”
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Quantum Ascent also emphasized the comparative strength of XRP compared to the broader crypto market, and noted that it had recently set a higher high rather than most altcoins. “Structurally in the larger time frame, XRP retains a lot stronger than the rest of the market.”
The analyst, who revealed that he originally bought XRP around $ 0.50 and sold a large part above $ 3, said that he will stay in the long term bullish and will keep XRP as a core part of his portfolio. “This thing has been good for me,” he said. “Again, I see a drop -down temporary – but it’s exactly that. It is temporary.”
For now, all eyes remain at the level of $ 2.13. If XRP holds that zone and confirms support, Quantum Ascent believes that a new Bullish Golf 4 could start quickly – one that takes token over $ 2.80.
At the time of the press, XRP traded at $ 2.29.
Featured image made with dall.e, graph of tradingview.com