Bitcoin started the week at $63,800 after closing the previous week with positive momentum indicated by a green candle. According to the analysis, Bitcoin is at a critical point where its current price behavior closely reflects past cycles. The price could continue to fluctuate in its current range and possibly test lower levels such as $61,000 before making a decisive move.
However, the XRP price chart is currently facing resistance between $0.59 and $0.62 and has failed to break this level, indicating a possible major correction. The movement since the beginning of August has shown a three-wave pattern that does not give a clear indication of the trend direction.
For a bullish scenario, XRP needs to sustain above the August low of around $0.43 and break the resistance at $0.63 and $0.66. If the price falls, it could test the support levels at around $0.54, $0.52, and $0.49. The outlook remains uncertain, with the possibility of further sideways movement or a further decline before a clearer trend emerges.
Understanding Correction scenarios:
ABC structure: One possible scenario is that recent price action is forming an ABC structure, with the “C” wave potentially unfolding as a diagonal pattern. The rise from August 5th to 7th is considered part of this structure and indicates a possible wave 1 of a diagonal pattern. The pullback could be a wave 2, which is expected to form a higher low above the August low of $0.43.
Breakout requirements: For the bullish scenario to gain momentum, XRP must break the recent high of $0.63 and the July high of $0.66. Only a decisive move above these levels would confirm the continuation of the uptrend.
