If you find it useful and informative hit the like button, i really do appreciate that if you happen to be new to the channel, then why not go ahead and subscribe tap the bell select all notifications, and in doing so you will be kept up to date With absolutely everything that we do here at cheeky crypto now, if you have not yet joined us in discord, links in the description down below its a fantastic community talking crypto 24 7., its completely free. So why not go ahead and check it out today and if you are looking for a little bit more from the crypto space, the patreon services are also in the description and down below and we offer a lot more for our patreon members over in discord. So, if thats your bag, why not check that out as well? Okay lets waste. No more time lets jump right down into this right, so xrp paired up with usdt, were on the hourly chart and binance is our data source here. Okay, now were going to be talking about the move coming down a little bit lower. I do think this is uh. Potentially now the beginning of the final move: low um. We are kind of targeting somewhere between 20 and 25 cent. However, the subway counts are going to be the most important thing here, as they are going to ultimately dictate where that low is going to be now. For the most part, we actually finished.

This high point, i think, were at 46.6 um just up here. Let me actually just grab hold of that wick high uh go on there. We go um 46.59, okay, so that was our high point and then from there we basically have to send it down now theres a couple of different ways. We can look at this and im going to show you uh the macro one to start with, which basically is this is a wave one low just here. We then have some kind of wave too high and were currently tracking down into a wave three low. Okay, then bounce and then well come down lower afterwards. Okay, now the subway of counting is also available inside this third wave now wave. One here is probably a leading diagonal of some kind and lots of overlap and all that kind of stuff. However, and on this side of things, we can quite clearly see that we have this structure to the downside here. Well, look for some kind of fourth wave bounce, which is, i think, actually happening right now, even though it doesnt feel like it were getting a bit of a reset and then well come down into a final fifth wave that fifth wave. There is basically our third wave low okay on the macro side, and then we should end up with a fourth wave bounce, which should be more noticeable than whats going on right now and then from there we move down uh towards our low targets: okay, um.

Obviously, we cant be 100 accurate on this until these fourth waves have played out – and specifically this end of this third wave and the beginning or end of this fourth wave, once we kind of get through halfway, this fourth wave move up, i will be able to Be able to kind of understand where our fourth wave is likely to end based on fibonacci based numbers, and then we should pull back down again uh. You know somewhere between one point, two, three six and one point: six one eight um is usually the area that we look for here, uh on this um final fifth wave low okay. So it does feel that xrp is holding up well considering uh the way that bitcoins moving. However, i do think that actually were going to get hit harder, uh a little bit further down the line here with a couple of these old coins so and just keep a close eye on this. But essentially, this is kind of what were looking at here right, and so, if i zoom on in and ill make this a little bit bigger here and we can see that we kind of bounced up a little bit already were pulling back down again. I would expect a little bit of a search back up and then and its not too far, but just a tad that would actually mark the end of our fourth wave and you can see its tiny, its, not really that noticeable um.

So far, it looks like this just from the low to the high and then well pull back down into a final fifth wave coming down lower, which will get us below 30 cents. I think thats really where were bouncing from at the moment now. If we bring the stochastic rsi up into play, you can see that were getting that reset. Uh, going from oversold on this hourly chart were going to be looking to move up into the overall area and then thats going to basically mark the top of our fourth wave here and then well pull back down uh into the fifth wave. Now um weve got a couple of different things that can happen with five way uh with the fifth wave right we can. We can have a very simple um. You know movement which is basically 1.236 to 1.618 or, alternatively, we get an overextended fifth wave, which would basically have five waves in itself and that would take us down significantly lower and then we would bounce and then would go down even lower after that. So um. We have to be a little bit cautious with these kind of fifth wave movements, but for the most part um, we are really heavily overset. It all depends on whats going to be going on with the four hourly the eight hourly um stochastic rsis as well. During this momentum to the downside, so we should be a little bit cautious, but this is kind of what weve been talking about for quite some time, and this is the area really where we are.

You know looking to accumulate a decent position in xrp ahead of the kind of the major runs next right now, if i come up into our daily chart, you can kind of see that we had the elliott wave triangle were pulling down into these uh low ranges Of our e wave and were just ending uh, the abc structure here, uh with a five wave structure down so again, um not um too dissimilar. Now we could, of course, maybe take a look at this slightly differently and say that maybe the triangle was now invalidated through a five wave move at the end here, because um in any of these a b c d es, they should only ever be three wave Moves they they shouldnt really be five wave moves um. So you know if we were to say that the whole thing here was a five wave structure. It would basically mean that the triangle is not valid. It doesnt necessarily mean that the macro is not, however, uh as our directional move would still be. You know upwards into the c wave. However, it would mean that you wouldnt necessarily see an impulsive structure form like we had been talking about before, so we should be a little bit cautious on a couple of these things um once we kind of have the bottom nailed here, um somewhere between 20 and 25 cent, i feel, and then essentially from that point uh, we should be looking at progressing up and then well be able to analyze whether or not weve got the impulsive structure, which is a five wave structure like this or whether or not.

We just have a corrective structure, which would be something like we saw um from march 2020 up to april of 2021 uh this kind of abc structure, just in here or wxy structure. I should say where we have this move right, so its whether or not we end up with something similar to this uh with a big pullback in the middle or whether or not we end up with these three motive waves going up and two corrective waves in There uh leading us into this trend based pattern instead, so you know, essentially, we dont necessarily know just yet, but thats kind of you know room for speculating on where we think thats going to go. I do expect an impulsive structure just because i think that the sec ripple lawsuit is um is basically going to come to conclusion uh right when this thing starts to get some decent traction to us, so hopefully around this third wave into you know 2023, for example, And i think there will allow us to really get some decent traction from it once we get clarity over what xrp is in the united states. Obviously, you know its just a states based issue and it does affect the rest of the world mind, but you know for the rest of us. You know we either know its an exchange, token or currency, or something to that effect and its only the us that are a little bit behind and trying to classify xrp um, although to be fair, i dont think thats really the negotiation here.

I think, essentially, the whole thing with the sec is just a money grab personally um and trying to get their control over the crypto space, which is just its just nonsense, really but anyway ill leave that to the professionals to discuss and ill leave the video there. If you have found this video useful, informative hit the like button, i really do appreciate that, if you happen to be new to the channel, then why not go ahead and subscribe tap the bell select all notifications, and in doing so you will be kept up to Date with absolutely everything that we do here at cheeky, crypto with all that said, done out of the way.