XRPUSD has potentially begun its upthrust from a wave 4 contracting bull market triangle. 2016/2017's massive leg up is an extended wave, with clear five-wave subdivision (top-most diagram). After reaching a wave 3 peak, began forming a contracting triangle that moved painfully sideways for seven years. We can, on good conviction, state that this was a triangle due to the clear ABCDE structure and decreasing volume and volatility. Due to the extended low volatility state, the upthrust out of the triangle can be especially strong and fast, hence the "thrust" naming convention. Importantly, triangles only appear before the final move in a sequence. Pay close attention to the smaller triangle in wave 3's sub-waves (sub-wave iv). After the triangle resolved, there was a final move up. That's what we can expect from the larger wave 4 triangle – a sharp move up to end the larger sequence. The triangle target typically matches the widest part of the triangle – that suggests a possible 1,000% or more move towards $9.
