Ripple Elliott Wave technical analysis [Video]
|XRP/USD Elliott Wave technical analysis
Function: Trend Following.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Next higher degree direction: —
Wave cancel invalid level: —
XRP/USD trading strategy
Following the completion of the major corrective wave (II) around $1.88, XRP started a strong upward wave trend. The internal structure of wave III is forming as expected under the Elliott Wave principle. Wave (1) of wave ③ concluded near $2.80, and the current wave (2) is consolidating within the 50%–61.8% Fibonacci retracement range between $2.36 and $2.29. Price action is beginning to rebound from the Base Channel zone and has remained within the defined wave structure.
Trading strategies
-
Approach
Plan
For short-term positions (Swing Trade)
A confirmed break above $2.65 indicates the beginning of wave (3) within wave ③. This could result in a fast upward move. -
Risk control
If the price dips below $2.07 (W.C. Invalid level), the current wave count will require re-evaluation.
XRP/USD Elliott Wave technical analysis
Function: Trend Following.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Next higher degree direction: —
Wave cancel invalid level: —
XRP/USD trading strategy
After ending wave (II) at the $1.88 mark, XRP transitioned into a strong bullish movement. Within this rally, wave (1) of wave III ended near $2.80. The present wave (2) has retraced to the common Fibonacci range between $2.36 and $2.29. Price activity suggests recovery from the Base Channel without violating the wave structure.
Trading strategies
Approach
- Plan
- For swing traders
- A breakout above $2.65 would confirm wave (3) within wave ③, possibly accelerating the bullish move.
Risk control
If the price moves below $2.07, the wave count will need revision.
Ripple Elliott Wave technical analysis [Video]
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