Ripple Elliott Wave technical analysis [Video]
|XRP/USD Elliott Wave technical analysis
-
Function: Trend Continuation.
-
Mode: Motive.
-
Structure: Impulse.
-
Current wave position: Wave 2.
-
Next direction (higher degrees):
-
Invalidation level for wave count:
XRP/USD trading strategy
XRP/USD is progressing in a new bullish wave, having formed Wave ① from a major support. It is now correcting within Wave ②, likely to complete inside the Fibonacci retracement region, setting the stage for Wave ③ to emerge strongly as a high-momentum impulse move.
Trading strategies
Strategy type
- Short-term swing traders
- Watch for price action to bounce back between the 1.82 – 2.00 range.
- Risk management:
-
- Place Stop Loss below 1.61911 to manage potential downside risk.
XRP/USD Elliott Wave technical analysis
-
Function: Trend Continuation.
-
Mode: Motive.
-
Structure: Impulse.
-
Current wave position: Wave 2.
-
Next direction (higher degrees):
-
Invalidation level for wave count:
XRP/USD trading strategy
A new upward trend has started for XRP/USD from a strong support base. Wave ① has completed, and Wave ② is underway, likely ending within the Fibonacci retracement zone. Wave ③ is projected to be a strong impulsive move with significant upward momentum.
Trading strategies
Strategy type
- Short-term swing traders
- Wait for a reversal around the 1.82 – 2.00 zone.
Risk management:
- Stop Loss should be placed below 1.61911 to mitigate risk.
Ripple Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.