XRPUSDT Analysis by @pipsnipers

The analysis identifies a potential leading diagonal formation on the XRPUSD chart from April 7th, suggesting a five-wave move upward. It considers the possibility of a wave one and an ABC correction, estimating a DCA zone between 2.1280 and 2.0092. Fibonacci retracement levels from the April 7th low to the May high are utilized to identify support levels. A descending channel is observed, with rejection at the 50% Fibonacci level. Potential targets are 0.618 and 0.702 retracement levels. A worst-case scenario includes a wick down to 1.7395 to liquidate over-leveraged longs. The analyst notes the need for a four-hour close above 2.2468 and 2.3938 to invalidate further downside. The analysis discusses the Wyckoff accumulation schematic with the price consolidating over 180 days, and a potential sweep of equal lows to take out sell-side liquidity. 1.8401 and 1.7395 are the final downside fib goals. The worst case scenario will be 1.7395, with 4H close above 2.3938 and 2.2468.