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Ripple: Important structure suggests more upside

Ripple: Important structure suggests more upside
Gregor HorvatGregor HorvatWavetraders

XRP/USD has already touched a new high, and we can now count five waves up from 38 cents. This is an important wave structure because it confirms the direction of the bull trend, indicating that more gains should follow. However, after every five-wave move, the market can enter a three-wave correction. Therefore, there may be some interesting support levels to be retested before the market can move even higher. The support for the next ABC drop can be around 48 cents up to 51 cents, which was also the support of the previous fourth wave. 

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

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