Ripple Elliott Wave analysis – Daily chart
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Function: Follow Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave 3.
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Direction next higher degrees:
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Wave cancel invalid level:
XRP/USD trading strategy
After a long correction phase in wave (2) from April, XRP recently delivered a bullish reversal. The price has broken above the $2.30 bullish level, signaling the potential start of wave (3).
This formation not only confirms the end of the Zigzag correction of wave (2), but also presents a buying opportunity for traders anticipating the correction's conclusion.
Trading strategies
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Strategy
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Short-Term Traders (Swing Trade): Consider entering when price moves past the bullish level and consolidates briefly.
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Risk management
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Stop-loss: Set below $2.05.
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XRP/USD Elliott Wave technical analysis – Four-hour chart
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Function: Follow Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave 3.
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Direction next higher degrees:
-
Wave cancel invalid level:
XRPUSD trading strategy
XRP has regained upward momentum after pausing in wave (2) since April. A break above the bullish level of approximately $2.30 confirms wave (3) may be in progress.
The structure implies wave (2) completed as a Zigzag, presenting a buying opportunity for traders who waited for this signal.
Trading strategies
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Strategy
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Short-term traders (swing trade): Look to enter following the breakout and consolidation.
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Risk management
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Stop-loss: Place below $2.05.
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Ripple Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
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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