XRPUSD Elliott Wave Analysis – TradingLounge Daily Chart

XRP/USD (XRPUSD) Daily Chart Analysis

XRPUSD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Higher Degree Direction: Wave II of Impulse

Invalidation Level for Wave Cancelation: Pending

Analysis Details: It appears that Wave II has likely reached completion, positioning XRPUSD for a potential upward movement in Wave III.

XRP/USD Trading Strategy:

With the corrective phase of Wave II seemingly completed, our focus shifts toward the anticipated five-wave rally in Wave III. The price remains in an uptrend, indicating a potential opportunity for trend re-entry.

XRP/USD Technical Indicators:

• Moving Average (MA200): Price is below the MA200, suggesting a downtrend bias.

• Wave Oscillator: Reflects Bearish Momentum.

XRPUSD Elliott Wave Analysis – TradingLOunge 4-Hour Chart

XRPUSD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Higher Degree Direction: Wave II of Impulse

Invalidation Level for Wave Cancelation: Pending

Analysis Details: Wave II likely reached its end, implying the beginning of an upward trend in Wave III.

XRP/USD Trading Strategy:

Following the completion of the Wave II correction, we focus on the emerging five-wave rally in Wave III. Price action indicates an uptrend, reinforcing the strategy of seeking re-entry opportunities.

XRP/USD Technical Indicators:

• Moving Average (MA200): Price remains below the MA200, affirming a downtrend.

• Wave Oscillator: Signals Bearish Momentum.

Technical Analyst:  Kittiampon Somboonsod

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