Good morning

In my last update I wrote : "  There is now room for a bigger retrace " . Some of you used this as a signal to short and have made nice profits. Well done.
Although the count is not 100% clear, I doubt that XRP is ready to crash to new lows from here.

The problem is that I am not sure if the rise from the May lows was a three wave or a five wave move.

Scenarios :
IF the rise from the May lows was impulsive it has to be an a of a zigzag or I up.
IF the rise from the May lows was not impulsive it has to be a w (because it was not followed by a 90% retrace)
The decline that followed was a 3 wave move, it can be b of a zigzag or an x or II
From there we got a five wave impulse, this can be a lower degree i or an a of the next upward zigzag or a truncated c, the latter is the only bearish scenario out there.

So most scenarios are pointing to higher prices before lower prices, and this makes sense since we recently completed a triple zigzag, worst case scenario is that we get another X followed by lower prices. Best case scenario is that the bottom is in.

Is it possible that the c wave of the zigzag completed with a truncation? Unlikely, but this is the only bearish scenario, it would be an indication of a  very weak market as this c high came nowhere close to the previous high. The truncated zigzag would be another X of green degree, and from there we have to count downward zigzags again. This green X would be extremely short in time&price compared to the previous X of the same degree, that's why I think it is unlikely.

A lot of talk, let me end with a chart :

A break of the purple trendline would invalidate the most bullish potential, that of a nested bullish count (I/II i/ii).

Hope this helps.

Take care