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
-
Aim for a profit target between 2.50 - 3.38 USD
-
-
Risk Management:
-
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]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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