In the opening hours of the new year, XRP made a solid effort to recover from the minor weakness of the past two weeks. While the price surged over 25% between December 30 and the following five days, we classify this brief rally as a temporary counter-move, which should shortly transition into the final sell-off of the corrective magenta wave (4). Once the wave (4) low has been settled, the magenta impulsive wave (5) should break above the resistance at $3.28. However, if the price fails to sustain its next upward move and retreats significantly from this green line, the magenta wave alt. (4) will form another low before paving the way for the next upward impulse. This alternative scenario carries a 35% probability.
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