XRP/USD Elliott Wave technical analysis [Video]

XRP/USD Elliott Wave technical analysis – Daily chart

• Function: Follow Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 2.

• Direction next higher degrees: Pending confirmation.

• Wave cancel invalidation level: $1.613.

XRP/USD trading strategy

XRP reached a peak of $2.656 in May and has been undergoing a correction phase. From the Elliott Wave perspective, this correction is identified as wave ② within a larger upward trend. Currently, the price appears to be in the final segment of the corrective wave (C).

Trading strategies

• Strategy outline:

• For short-term traders (swing trade):

  • Watch for a possible reversal around the $1.83 area. A recovery from this zone may signal the beginning of wave ③ in the bullish direction.

• Risk management:

• Critical level:

  • If the price falls below $1.613, the current wave structure becomes invalid and must be reassessed.

XRP/USD Elliott Wave technical analysis – Four-hour chart

• Function: Follow Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 2.

• Direction next higher degrees: Pending confirmation.

• Wave Cancel Invalidation Level: $1.613.

XRP/USD trading strategy

Following XRP's surge to $2.656 in May, a corrective movement has been unfolding. This correction, in Elliott Wave terms, is part of wave ② of a broader bullish trend and appears to be approaching its concluding stage within wave (C).

Trading strategies

• Strategy outline:

  • For Short-Term Traders (Swing Trade): Consider a potential buy opportunity if a reversal occurs near the $1.83 area, aligning with the next upward wave ③.

 

• Risk management:

  • Critical level: A move below $1.613 nullifies the current wave scenario, requiring immediate reassessment.

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