Ripple Elliott Wave technical analysis [Video]

XRP/USD – Elliott Wave technical analysis

Function: Trend following.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: Pending.
Wave cancel invalid level: -

XRP/USD trading strategy

Following a notable advance in wave 1, XRP peaked near $2.40. The current correction in wave 2 appears to form an A-B-C structure, where wave C remains incomplete. If the price turns upward from the anticipated support zone, this may present a solid opportunity to enter wave 3, potentially reaching new highs.

Trading strategies:

Strategy

• For swing traders (short-term): Monitor wave C to complete in the target support range between $1.90 and $1.88. A bullish signal or divergence in this range could signal a buy for wave 3 positioning.

Risk management

• Key invalidation level: A break below $1.6165 undermines the current bullish setup.

XRP/USD – Elliott Wave technical analysis

Function: Trend following.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: Pending.
Wave cancel invalid level: -

XRP/USD trading strategy

XRP previously surged in wave 1 and peaked at approximately $2.40. The market is now retracing in wave 2, expected to be an A-B-C correction, with wave C yet to finish. A bullish reversal from the support area could lead to the next upward wave 3, possibly breaching previous highs.

Trading strategies:

Strategy

• For swing traders (short-term): Wait for wave C to conclude near the $1.90–$1.88 range. Enter long positions upon confirmation of bullish divergence or setup.

Risk management

• Structure becomes invalid if price falls below $1.6165.

XRP/USD – Elliott Wave technical analysis [Video]