Ripple (XRP) Breaks Below 50 EMA, Finds Support At 38.2% Fibonacci

Ripple (XRP) just broke below 50 EMA on the4H timeframe as shown by the 4H chart for XRP/USD above. Normally, this would be the sign of another wave of correction but fortunately for Ripple (XRP), the price has found support at the strong 38.2% Fibonacci level which just happens to be at the same point as the lower limit of a rising wedge Ripple (XRP) has been trading in since the beginning of this August. The VIX profile on the above chart shows that the price of Ripple (XRP) seems to have found a bottom against the US Dollar (USD) and is now in a phase of consolidation. However, Ripple (XRP) is expected to break this rising wedge within the first two weeks of September. Elliot Wave Oscillator on the above chart shows that Ripple (XRP) has yet to complete a rally against the US Dollar in the next few days. The price will have to touch the upper limit of the rising wedge before it falls further in order to possibly break the wedge. Volume is starting to return back to the market as Bitcoin (BTC) is about to close a monthly candle above the 21 EMA which is a solid indicator of a trend reversal. This signal is seen as a confidence booster for crypto bulls and as we have seen in the past, coins like Ripple (XRP) are the first to capitalize on such developments. Ripple (XRP) is at an even more interesting point against Bitcoin (BTC). The price action on the above chart for XRP/BTC shows how closely Ripple (XRP) has followed the same pattern as it did before the rally in December 2017. This time though, the pattern will get completed a lot earlier than December. The expected timeframe for a trend reversal in Ripple (XRP) against Bitcoin (BTC) is expected to be mid September or early October at the latest. The price has now reached the demand zone shown on the above chart. This is the point where a change of sentiment can be expected and the bulls are likely to take control. Ripple (XRP) has been the victim of an overextended correction that has also made it the top 5 coin with the worst correction. The price of Ripple (XRP) is currently at a point where one last wave down can be expected till the price touches the lower limit of the demand zone. Ripple (XRP) has seen one of the highest number of hodlers in the entire crypto market. This is because most Ripple (XRP) investors know that most gains for the entire year take place in a matter of just a few weeks. The above weekly chart for XRP/BTC shows that during the second last cycle, Ripple (XRP) had an aggressive rally for 4 consecutive weeks before the price topped out. Interestingly enough, during the last cycle, there were exactly 4 consecutive weeks of an aggressive rally before the price topped out. It is very likely that this time too, we will have an exact same rally of 4 consecutive weeks which might take Ripple (XRP) to a new ATH.