XRP/USD Elliott Wave technical analysis [Video]

XRP/USD daily chart – Elliott Wave count

• Function: Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 3 of 3.

• Direction: Ongoing Uptrend.

Analysis details

• The internal wave count is structured clearly: Wave 1 – Double Zigzag Wave 2 – Developing Wave 3.

• Wave 2 retraced to a low of $1.9095, establishing the correction base.

• Wave 3 is progressing with strong momentum, breaking above Wave 1's high ($2.6623).

• Next Fibonacci resistance levels:

  • 0.236 = $3.2392.

  • 0.382 = $2.9994.
    (These levels may act as a short-term pullback area within Wave 3).

Trading strategy

• For short-term traders (swing trade):

  • If holding, consider partial profit-taking near $4.20.

  • Use a “Buy the Dip” approach by waiting for a Wave 4 retracement before entering Wave 5.

• Invalidation point:

  • If the price drops below $2.23, the current Elliott Wave count will need reevaluation.

XRP/USD four-hour chart – Elliott Wave count

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave 4 of 3.

• Direction: Corrective within an Uptrend.

Analysis details

• Wave (1) to (5) within Wave 3 is now completed.

• Price is consolidating to form Wave 4.

• Key consolidation zones:

  • 0.236 Fib retracement = $3.2392.

  • 0.382 Fib retracement = $2.9994.

(These levels suggest a possible entry for Wave 5 if price holds in this range)

Trading strategy:

• For short-term traders (swing trade):

  • Holding positions? Consider profit-taking around $4.20.
  • Use the “Buy the Dip” strategy – wait for Wave 4 pullback before entering Wave 5.

• Invalidation point:

  • If price falls below $2.23, wave structure must be reassessed.

XRP/USD Elliott Wave technical analysis [Video]