ipple – XRPUSD is bearish for the last year, but looking at the daily chart, we see an A-B-C corrective decline from April 2021 highs. It’s actually already trading in final stages of wave C and it can be slowly approaching the end. Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree, but looks like final subwave of 5 of C is still missing.
XRP/USD Daily Chart
Looking at the 4-hour chart, we can see a sideways corrective structure which indicates for a bearish running triangle pattern within wave 4, but we may see some rally as final subwave (E) may still occur. So, once a triangle is fully completed, watch out for a continuation lower within final 5th wave of C. If from any reason we see a strong bounce back above 0.5 then bulls can be back, especially if rise would be in five waves.
XRPUSD 4-hour Chart
What is a triangle?
Corrective pattern with converging trendlines, subdividing 3-3-3-3-3 and labeled A-B-C-D-E. Occurs in wave 4, B, X or Y wave.
How to trade it?
Option 1: Small position size on projection for wave »e«, with stops beyond wave »a«. Trail stops when »b-d« triangle line is broken, and add to your position. Trail stops to latest entry when market breaks to new highs/lows
Option 2: Normal position size when wave »b« is broken, with stops beyond wave »e«. Pull stops to entry when market breaks to new highs/lows.
Get Full Access To Our Premium Analysis For 14 Days. Click here!
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
FLOKI rallies 9% on Tuesday, proposal to burn over 15.2 billion tokens is in the voting process
FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally
Meme coins Dogecoin, Shiba Inu, and Bonk rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday.
Arbitrum price sets the stage for 30% recovery rally Premium
Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit
Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.