XRP/USD Elliott Wave technical analysis [Video]
|XRP/USD Elliott Wave technical analysis – Daily chart
-
Function: Follow Trend.
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 2.
-
Direction next higher degrees: Pending confirmation.
-
Wave cancel invalidation level: $1.613.
XRP/USD trading strategy
XRP reached a peak of $2.656 in May and has been undergoing a correction phase. From the Elliott Wave perspective, this correction is identified as wave ② within a larger upward trend. Currently, the price appears to be in the final segment of the corrective wave (C).
Trading strategies
-
Strategy outline:
-
For short-term traders (swing trade):
-
Watch for a possible reversal around the $1.83 area. A recovery from this zone may signal the beginning of wave ③ in the bullish direction.
-
-
Risk management:
-
Critical level:
-
If the price falls below $1.613, the current wave structure becomes invalid and must be reassessed.
-
XRP/USD Elliott Wave technical analysis – Four-hour chart
-
Function: Follow Trend.
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 2.
-
Direction next higher degrees: Pending confirmation.
-
Wave Cancel Invalidation Level: $1.613.
XRP/USD trading strategy
Following XRP's surge to $2.656 in May, a corrective movement has been unfolding. This correction, in Elliott Wave terms, is part of wave ② of a broader bullish trend and appears to be approaching its concluding stage within wave (C).
Trading strategies
-
Strategy outline:
-
For Short-Term Traders (Swing Trade): Consider a potential buy opportunity if a reversal occurs near the $1.83 area, aligning with the next upward wave ③.
-
-
Risk management:
-
Critical level: A move below $1.613 nullifies the current wave scenario, requiring immediate reassessment.
-
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.