TRENDING:
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

Uniswap Price Forecast: UNI tests 200-day EMA supply amid renewed retail demand

Uniswap Price Forecast: UNI tests 200-day EMA supply amid renewed retail demand

Uniswap (UNI) edges higher near an immediate resistance at $3.88 on Tuesday. The native decentralized exchange (DEX) token is defying a broader correction in the cryptocurrency market, even as Bitcoin (BTC) falls toward $63,000 from its July highs around $67,000.
XRP slides amid risk-averse pressure and ahead of Fed rate decision

XRP slides amid risk-averse pressure and ahead of Fed rate decision

Ripple (XRP) continues to trade under increasing pressure on Tuesday. This marks the second consecutive day of declines, reflecting broader risk-off sentiment as investors appear to shift gears in anticipation of the Federal Reserve (Fed) interest rate decision. On Wednesday, the Federal Open Market Committee (FOMC) is widely expected to leave interest rates unchanged in the 3.50%-3.75% range.
Crypto Today: Bitcoin, Ethereum, XRP remain under pressure as risk-off sentiment persists

Crypto Today: Bitcoin, Ethereum, XRP remain under pressure as risk-off sentiment persists

Bitcoin (BTC) is falling toward the immediate $63,000 support at the time of writing on Tuesday, weighed down by continued risk-off sentiment. Altcoins, including Ethereum (ETH) and Ripple (XRP), remain under pressure, trading below $1,900 and $1.10, respectively. Crypto market sentiment remains largely unresponsive and in the Fear territory, as reflected in the Fear & Greed Index.
Bitcoin price prediction: Is $60K back in focus as headwinds mount?

Bitcoin price prediction: Is $60K back in focus as headwinds mount?

Bitcoin is falling towards 63k, at a 10-day low, as a sell-off in AI-linked stocks has hit risk sentiment, spilling over into cryptocurrencies and as investors look cautiously ahead to tomorrow's FOMC rate decision. Bitcoin is down 2.7% over the past 24 hours and more than 4% over the past seven days as it extends its pullback from 67k the July high reached last week.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.