Hello All

Good morning. Welcome to this new update, welcome to week 2 of 2022 - let us start the week good with an update on the XRP price action. For more live updates you can also follow my twitter as I have not always the time to write a post like this.

In my previous post I was counting the c leg of a downward zigzag, I was unsure if it was finished or not - it kinda looked incomplete, missing a 4th & 5th wave. Well, that is exactly what we got after my post, a fourth & fifth wave and slightly lower prices. While doing so we penetrated the trendline connecting the December 2020&2021 lows 

So we now have a potential complete structure and we have to see what kind of bounce we get from here. Further weakness would probably mean that fifth wave is gonna extend lower, and in that case the December 2021 low will probably not hold, and that will end our upward count attempt.

For now, I am sticking to my original count though.... 3 waves up for "W", 3 waves down for "X" (on lowest degree) - since X retraced so deep you can also count it as a triple zigzag with a truncated low as of now, if we go even lower that will become the primary count. But for now sticking with the idea that the upward count started in December. It's kinda important for me that the upward count is already in progress, if we have to start fresh that would be a waste of waves & time. The fact that we have such a deep retrace for "X" on this degree has it's consequences later in the count though, more about that later, let us see if our current low holds or not.

Big picture, the same old idea :

As you can see, the decline since the September high is a falling wedge structure. If we see further weakness the decline will become a triple zigzag, for now though still trying to count upward, and that upside has to come now...

So it is an important time for the XRP price, will we get the bounce or not? 

Good luck!