Elliott Wave Analysis: Ripple may retest 1.0 support before turning higher

Gregor Horvat Wavetraders

As per Elliott Wave analysis, Ripple is still doing well in the 4-hour chart, but seems like it's trying to retest 1.0 support level as part of a complex W-X-Y correction in wave (B)/(2) before we will see more upside within wave C/3 least up to 1.25 - 1.40 area or higher. However, there's also a chance for a bullish triangle in wave (B) as a count #2 in case if XRP jumps straight up to 1.25 - 1.40 area. As long as it's trading above 0.85 invalidation level, we remain bullish, but below that level, game could change.

Ripple 4h Elliott Wave Analysis

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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