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Ripple may stay sideways: Elliott Wave analysis

Ripple may stay sideways: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

Ripple, XRPUSD is still good, but now that it didn't manage to break above channel resistance line and that some ALTcoins are already at the resistance, then we have to be aware of more complex correction in wave B/2, until we see broken 1.18 bullish confirmation level. Maybe we will see more sideways price action or maybe even a retest of 1.00 – 0.85 support zone.

Ripple 1h Elliott Wave analysis

Ripple Elliott Wave

Ripple is nicely recovering in the 4-hour chart as expected and looks like it's trying to break above channel resistance line that can push the price at least up to 1.25 - 1.40 area for wave (C) or maybe even up to 1.5 - 1.7 area for wave (3). Keep in mind that price may also stay sideways., so invalidation level remains at 0.85.

Ripple 4h Elliott Wave analysis

Ripple Elliott Wave

Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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