Trader Warns of Potential XRP Correction, Says Dogecoin Trading at Most Likely Area To Expect Rejection
A crypto strategist is warning that two large-cap altcoins may witness deep corrective moves after massive rallies this month. Crypto trader Credible tells his 473,800 followers on the social media platform X that payments-focused altcoin XRP looks primed for a pullback after completing a five-wave rally on the four-hour chart. Credible practices Elliott Wave theory, which states that an asset may correct or consolidate after concluding a five-wave upside burst. During a five-wave rally, a bullish asset surges in waves one, three and five with waves two and four serving as corrective periods. According to the trader, XRP needs to hold a crucial support level to maintain its bullish momentum. “And that, ladies and gents, is a crystal clear five-wave impulsive move, subwaves and all on XRP. This: 1. confirms our absolute bottom was in at $0.49. 2. means if we move below $1.05 (origin of the 5th subwave), then it means we are seeing a larger wave two correc...