XRPUSD Elliott Wave Analysis - TradingLounge Daily Chart

XRP/USD Daily Chart Analysis

XRPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((C))

Next Higher Degree Direction: Wave II of Impulse

Wave Cancellation Level:

Analysis Details: Wave II is anticipated to complete, which could prompt a rise in Wave III for XRPUSD.

XRP/USD Trading Strategy

With Wave II correction likely concluding, the focus shifts to the potential five-wave progression in Wave III. The uptrend in price action suggests that traders should watch for re-entry points into the trend.

XRP/USD Technical Indicators

• Moving Average (MA200): Price is currently below the MA200, indicating a continued downtrend.

• Wave Oscillator: Displays bearish momentum, reinforcing caution.

XRP/USD 4-Hour Chart Analysis

XRPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((C))

Next Higher Degree Direction: Wave II of Impulse

Wave Cancellation Level:

Analysis Details: Wave II correction appears near completion, which could lead to an uptrend in Wave III for XRPUSD.

XRP/USD Trading Strategy

Following the Wave II correction, attention moves to the anticipated five-wave advance in Wave III. With price trends upward, traders may look for strategic re-entry opportunities.

XRP/USD Technical Indicators

• Moving Average (MA200): Price remains under the MA200, confirming a downtrend bias.

• Wave Oscillator: Indicates bearish momentum, underscoring cautious positioning in the market.

Technical Analyst:  Kittiampon Somboonsod

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