Ripple Elliott Wave technical analysis [Video]
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XRP/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave ((B)).
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Next higher degree direction: Wave IV.
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Invalidation level: N/A.
XRP/USD trading strategy
XRP appears to be showing a short-term recovery. However, this move likely represents a “wave b” within a broader correction. If the current Elliott Wave structure continues, the next wave (wave C) could result in a sharp decline. This current setup is identified as a wave (II) correction.
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Wave a completed at 1.768.
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Wave b is ongoing, with major resistance near 3.389.
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If price fails to surpass this resistance and reverses, wave c could push XRP down toward Key Support: 1.533.
Trading strategies
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Strategy
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Swing trading opportunity (short-term)
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If XRP fails to break above 2.90 – 3.39 and reverses, short positions may be considered, targeting the 1.53 – 1.60 range.
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Risk management
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A clear breakout above 3.389 suggests a possible end to wave (II) and the start of wave (III), requiring a re-evaluation of the current structure.
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XRP/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Position: Wave ((B)).
-
Next higher degree direction: Wave IV.
-
Invalidation level: N/A.
XRP/USD trading strategy
XRP is showing signs of recovery in the short term, which might just be wave b of a broader corrective wave. According to the Elliott Wave pattern, a significant drop may follow if wave c begins. The broader movement is part of a wave (II) correction.
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Wave a ended at 1.768.
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Wave b continues, with resistance around 3.389.
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A reversal near this resistance could start wave c, aiming for Key Support: 1.533.
Trading strategies
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Strategy
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Swing trade strategy (short-term)
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Price action rejecting the 2.90 – 3.39 range can offer a short trade opportunity, with targets between 1.53 – 1.60.
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Risk management
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A confirmed breakout above 3.389 could end wave (II) and trigger a new bullish wave (III), requiring a shift in analysis
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Ripple Elliott Wave technical analysis [Video]
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