Ripple Elliott Wave technical analysis [Video]
|XRP/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: -
Wave cancel invalid level: $1.55.
XRP/USD trading strategy
Following XRP's rebound from the wave (II) low at $1.7260 and completing a full wave 1 structure, the price is now consolidating within wave 2. It is expected to complete around the Fibonacci 0.5–0.618 retracement zone ($1.86–$1.94), potentially setting up the start of wave 3, which could become the strongest movement in the sequence.
Trading strategies:
Strategy
- For swing traders (short-term): If the price enters the $1.86–$1.94 range and shows a reversal, it may present an opportunity to join wave 3.
Risk management
- Should the price fall below $1.55, wave (II) would remain incomplete, indicating the larger corrective move is still in play and would require reassessment.
XRP/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: -
Wave cancel invalid level: $1.55.
XRP/USD trading strategy
After rebounding from the wave (II) bottom at $1.7260 and completing a wave 1 formation, XRP is currently consolidating in wave 2. This correction could complete between the Fibonacci 0.5–0.618 levels ($1.86–$1.94) before beginning a strong wave 3 movement.
Trading strategies:
Strategy
- For swing traders (short-term): If the price moves into the $1.86–$1.94 range and reverses, it could signal the entry into wave 3.
Risk management
- If the price declines below $1.55, the larger wave (II) would still be active, necessitating a review for a deeper correction.
XRP/USD – Elliott Wave technical analysis [Video]
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