XRP ripple crypto price news today Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge Daily Chart.

XRP/ U.S. Dollar (XRPUSD).

XRP/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave ((B)).

• Next higher degree direction: Wave IV.

• Wave cancellation level: Not specified.

Details:

The current XRPUSD structure indicates an ongoing downward correction within Corrective Wave (B). There remains potential for further downside movement before stabilization.

XRP/ U.S. Dollar (XRPUSD) Trading Strategy.

XRP has completed Wave (I) and has entered a bearish correction phase (Wave (II)). A short-term recovery (Wave B up) is possible before transitioning into the final corrective phase (Wave C), which is projected to reach the key support level of 1.533 USD.

Trading Strategies.

• Strategy

  • Long Strategy
    Entry: Buy when the price pulls back to a key support level

    • If XRP tests the $1.533 support and buying pressure resurfaces

    • Target a profit range between 2.50 - 3.38 USD

  • Risk Management:

    • If the price drops below 1.533 USD, reassess the position.

Elliott Wave Analysis TradingLounge H4 Chart.

XRP/ U.S. Dollar (XRPUSD).

XRP/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave ((B)).

• Next higher degree direction: Wave IV.

• Wave cancellation level: Not specified.

Details:

The current structure of XRPUSD remains in a corrective phase within Wave (B), suggesting a possible further decline before a reversal occurs.

XRP/ U.S. Dollar (XRPUSD) Trading Strategy.

XRP has completed Wave (I) and is experiencing a corrective downturn in Wave (II). A temporary upward correction (Wave B) may precede the final leg (Wave C), with 1.533 USD acting as the key support zone.

Trading Strategies.

• Strategy

  • Long Strategy
    Entry: Buy when the price pulls back to a key support level

    • If XRP reaches $1.533 support and buying pressure re-emerges

    • Aim for a profit target between 2.50 - 3.38 USD

  • Risk Management:

    • If the price breaks below 1.533 USD, reconsider the trade

TradingLounge analyst: Kittiampon Somboonsod, CEWA.

XRP/USD Elliott Wave technical analysis [Video]