Ripple Elliott Wave technical analysis [Video]

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 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.

• Wave a completed at 1.768.

• Wave b is ongoing, with major resistance near 3.389.

• If price fails to surpass this resistance and reverses, wave c could push XRP down toward Key Support: 1.533.

Trading strategies

• Strategy

  • Swing trading opportunity (short-term)

    • If XRP fails to break above 2.90 – 3.39 and reverses, short positions may be considered, targeting the 1.53 – 1.60 range.

• Risk management

  • 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.

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.

• Wave a ended at 1.768.

• Wave b continues, with resistance around 3.389.

• A reversal near this resistance could start wave c, aiming for Key Support: 1.533.

Trading strategies

• Strategy

  • Swing trade strategy (short-term)

    • Price action rejecting the 2.90 – 3.39 range can offer a short trade opportunity, with targets between 1.53 – 1.60.

• Risk management

  • A confirmed breakout above 3.389 could end wave (II) and trigger a new bullish wave (III), requiring a shift in analysis

Ripple Elliott Wave technical analysis [Video]