TRENDING:
UK CPI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

XRP Elliott Wave technical analysis [Video]

XRP Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

Elliott Wave Analysis TradingLounge

XRP/ U.S. dollar(XRPUSD)

XRP/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((B))

Direction next higher degrees: Wave IV

Wave Cancel invalid level:

XRP/USD trading strategy: XRP is in wave II correction after the end of wave I. ABC Flat correction wave is expected to fall to the Key Support (1.62364 USD). If the price reverses from the support, it could be the start of wave III.

Trading strategies

Buy strategy (long position):

  • Wait for a reversal signal after the price has adjusted down to 1.62364 - 1.53700 USD.

Risk management:

  • If the price breaks the support level of 1.53700 USD, a new lower support level may need to be considered.
XRP

XRP/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave ((B)).

Direction next higher degrees: Wave IV.

Wave cancel invalid level:

XRP/USD trading strategy: XRP is in wave II correction after the end of wave I. ABC Flat correction wave is expected to fall to the Key Support (1.62364 USD). If the price reverses from the support, it could be the start of wave III.

Trading strategies

Buy strategy (long position):

  • Wait for a reversal signal after the price has adjusted down to 1.62364 - 1.53700 USD.

Risk management:

  • If the price breaks the support level of 1.53700 USD, a new lower support level may need to be considered.
Chart

XRP Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

More from Peter Mathers
Share:

Editor's Picks

Ripple slips as liquidity improves, ETF inflows return

Ripple slips as liquidity improves, ETF inflows return

Ripple (XRP) is losing strength, trading below $1.40 on Tuesday. Although minor, the correction comes after a sharp move toward $1.50 the previous day and aligns with a lethargic outlook in the broader crypto market.

Top Altcoins Price Forecast: Ripple, Cardano, Hyperliquid – Easing bullish momentum sparks downside risks

Top Altcoins Price Forecast: Ripple, Cardano, Hyperliquid – Easing bullish momentum sparks downside risks

Top altcoins, including Ripple, Cardano, and Hyperliquid, are trading in the red on Tuesday, with roughly 2% losses so far. The altcoins are facing downside pressure ahead of the CLARITY Act cloture vote scheduled for Tuesday.

Crypto Today: Bitcoin, Ethereum and XRP stall ahead of key CLARITY Act vote

Crypto Today: Bitcoin, Ethereum and XRP stall ahead of key CLARITY Act vote

Cryptocurrency prices are under pressure on Tuesday, with Bitcoin retreating below $77,000. This pullback comes on the heels of last week's failed breakout and is echoed across major altcoins, as Ethereum and Ripple both slip below key psychological levels at $2,500 and $1.40, respectively.

Bitcoin remains range-bound as liquidation risks build

Bitcoin remains range-bound as liquidation risks build

Bitcoin faces mild pressure, trading below $77,000 at the time of writing on Tuesday following a recovery the previous day. Institutional demand shows early signs of return with spot Exchange Traded Funds recording an inflow on Monday, snapping a four-day outflow streak.

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.