XRP/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave ((B)).
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Next higher degree direction: Wave IV.
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Invalidation level: N/A.
XRP/USD trading strategy
XRP appears to be showing a short-term recovery. However, this move likely represents a “wave b” within a broader correction. If the current Elliott Wave structure continues, the next wave (wave C) could result in a sharp decline. This current setup is identified as a wave (II) correction.
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Wave a completed at 1.768.
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Wave b is ongoing, with major resistance near 3.389.
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If price fails to surpass this resistance and reverses, wave c could push XRP down toward Key Support: 1.533.
Trading strategies
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Strategy
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Swing trading opportunity (short-term)
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If XRP fails to break above 2.90 – 3.39 and reverses, short positions may be considered, targeting the 1.53 – 1.60 range.
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Risk management
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A clear breakout above 3.389 suggests a possible end to wave (II) and the start of wave (III), requiring a re-evaluation of the current structure.
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XRP/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Position: Wave ((B)).
-
Next higher degree direction: Wave IV.
-
Invalidation level: N/A.
XRP/USD trading strategy
XRP is showing signs of recovery in the short term, which might just be wave b of a broader corrective wave. According to the Elliott Wave pattern, a significant drop may follow if wave c begins. The broader movement is part of a wave (II) correction.
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Wave a ended at 1.768.
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Wave b continues, with resistance around 3.389.
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A reversal near this resistance could start wave c, aiming for Key Support: 1.533.
Trading strategies
-
Strategy
-
Swing trade strategy (short-term)
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Price action rejecting the 2.90 – 3.39 range can offer a short trade opportunity, with targets between 1.53 – 1.60.
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Risk management
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A confirmed breakout above 3.389 could end wave (II) and trigger a new bullish wave (III), requiring a shift in analysis
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Ripple Elliott Wave technical analysis [Video]
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Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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