This picture represents what I mean –> https://comparic.com/wp-content/uploads/…
Why it will pull back:
-XRP had a divergence between the wave 3 and wave 5 (Black ) in which the price action created a higher high but created a lower high
-XRP’s price action is currently hitting its head on a descending resistance (Red line)
-MACD has become on the 4h chart
-Stoch indicates XRP is temporarily topped out
-RSI is hitting it head on descending resistance (Purple line)
Pull back Target:
My pullback target is at the level of 93.5 cents (White line), I will be accumulating low leveraged longs at this point (1.5-2x). I believe that XRP will meet my target of 93.5 cents for a few reasons. The first and major reason is that XRP is in the most parabolic wave, the sub wave 3 of wave 3. When prices go parabolic, as they do in the 3rd impulse wave, its unlikely that price action will retrace to the 0.618 level which leaves the 0.5 and 0.382 level as potential targets. I believe that the 0.382 target will be met instead of the 0.5 target due to the large amount of price history at this level (Yellow boxes) with prices bouncing off this level 10-15 times in XRP’s history (depending on how you count it).
I believe that timewise, somewhere between now and the middle of September (Green lines) is when we will see XRP stop retracing and begin the next impulse wave up.