Ripple shows bullish setup formation

Gregor Horvat Wavetraders

Ripple with ticker XRPUSD was trading down since July/August of 2023 and erased all of the positive reactions to the announcement that XRP won over SEC, back in July of 2023. It was an over-crowded trade that rarely works. Well, after that drop to 0,38 cents a lot of liquidations occurred, and we think that coin is now showing clearer and more important bullish structure. We see impulse up from 0,38 to 0,64 area, which could be wave 1, so after recent sharp pullback in wave 2, we may see a bullish continuation for wave 3 of a five-wave bullish cycle, especially because Judge ordered Ripple to pay $125 million in civil penalties, officially ending the SEC's lawsuit & concluding XRP is not a security. Currently we are tracking a lower-degree bullish setup with strong leg up into subwave "i", followed by a nice a-b-c pullback in wave "ii" that is right now sitting at interesting support area, from where we should be aware of a bullish continuation for wave "iii" of 3.

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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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