XRP ripple crypto price news today Elliott Wave technical analysis [Video]
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Elliott Wave Analysis TradingLounge Daily Chart.
XRP/ U.S. Dollar (XRPUSD).
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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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.
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Strategy
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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
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Target a profit range between 2.50 - 3.38 USD
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Risk Management:
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If the price drops below 1.533 USD, reassess the position.
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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
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Aim for a profit target between 2.50 - 3.38 USD
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Risk Management:
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If the price breaks below 1.533 USD, reconsider the trade
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TradingLounge analyst: Kittiampon Somboonsod, CEWA.
XRP/USD Elliott Wave technical analysis [Video]
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