Ripple Elliott Wave technical analysis [Video]

XRP/USD Elliott Wave technical analysis

Function: Trend Following.

Mode: Motive.

Structure: Impulse.

Position: Wave 3.

Next higher degree direction: —

Wave cancel invalid level: —

XRP/USD trading strategy

Following the completion of the major corrective wave (II) around $1.88, XRP started a strong upward wave trend. The internal structure of wave III is forming as expected under the Elliott Wave principle. Wave (1) of wave ③ concluded near $2.80, and the current wave (2) is consolidating within the 50%–61.8% Fibonacci retracement range between $2.36 and $2.29. Price action is beginning to rebound from the Base Channel zone and has remained within the defined wave structure.

Trading strategies

• Approach
  Plan
  For short-term positions (Swing Trade)
  A confirmed break above $2.65 indicates the beginning of wave (3) within wave ③. This could result in a fast upward move.

• Risk control
  If the price dips below $2.07 (W.C. Invalid level), the current wave count will require re-evaluation.

XRP/USD Elliott Wave technical analysis

Function: Trend Following.

Mode: Motive.

Structure: Impulse.

Position: Wave 3.

Next higher degree direction: —

Wave cancel invalid level: —

XRP/USD trading strategy

After ending wave (II) at the $1.88 mark, XRP transitioned into a strong bullish movement. Within this rally, wave (1) of wave III ended near $2.80. The present wave (2) has retraced to the common Fibonacci range between $2.36 and $2.29. Price activity suggests recovery from the Base Channel without violating the wave structure.

Trading strategies

Approach

• Plan
• For swing traders
• A breakout above $2.65 would confirm wave (3) within wave ③, possibly accelerating the bullish move.

Risk control

 If the price moves below $2.07, the wave count will need revision.

Ripple Elliott Wave technical analysis [Video]