Ripple Elliott Wave technical analysis [Video]
|XRP/USD – Elliott Wave technical analysis
Function: Trend following.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: Pending.
Wave cancel invalid level: -
XRP/USD trading strategy
Following a notable advance in wave 1, XRP peaked near $2.40. The current correction in wave 2 appears to form an A-B-C structure, where wave C remains incomplete. If the price turns upward from the anticipated support zone, this may present a solid opportunity to enter wave 3, potentially reaching new highs.
Trading strategies:
Strategy
- For swing traders (short-term): Monitor wave C to complete in the target support range between $1.90 and $1.88. A bullish signal or divergence in this range could signal a buy for wave 3 positioning.
Risk management
- Key invalidation level: A break below $1.6165 undermines the current bullish setup.
XRP/USD – Elliott Wave technical analysis
Function: Trend following.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: Pending.
Wave cancel invalid level: -
XRP/USD trading strategy
XRP previously surged in wave 1 and peaked at approximately $2.40. The market is now retracing in wave 2, expected to be an A-B-C correction, with wave C yet to finish. A bullish reversal from the support area could lead to the next upward wave 3, possibly breaching previous highs.
Trading strategies:
Strategy
- For swing traders (short-term): Wait for wave C to conclude near the $1.90–$1.88 range. Enter long positions upon confirmation of bullish divergence or setup.
Risk management
- Structure becomes invalid if price falls below $1.6165.
XRP/USD – Elliott Wave technical analysis [Video]
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