XRPUSD Elliott Wave Analysis – TradingLounge Day Chart

XRP/USD (XRPUSD) Day Chart Technical Analysis

XRPUSD Elliott Wave Technical Outlook

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((B))

Direction of Next Higher Degree: Wave IV

Invalidation Level: Critical wave cancellation level to be monitored

XRP/USD (XRPUSD) Trading Strategy

XRPUSD is currently in a wave II corrective phase, following the completion of wave I. As expected, wave II is forming an ABC correction pattern. Presently, the price action is within sub-wave b, which suggests a potential downward correction to complete wave c of wave II.

Trading Strategies for XRPUSD

• Buy Strategy (Long Position):

  • Monitor price movement toward the support range of 1.8936 - 1.5370.
  • Look for a bullish confirmation signal to initiate a long position.

• Risk Management:

  • Set a stop-loss order below the 1.5000 level to mitigate downside risk.

XRP/USD (XRPUSD) Crypto Pair – TradingLounge 4H Chart

XRPUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction of Next Higher Degree: Wave a

Invalidation Level: Key level for potential wave cancellation

Market Insight:

The current Elliott Wave structure suggests XRPUSD is undergoing a downward corrective movement within Wave (a). The price action may still experience further downside before confirming a reversal.

XRP/USD (XRPUSD) Trading Strategy

XRPUSD continues its wave II corrective structure, mirroring the higher timeframe outlook. As wave II unfolds, an ABC correction pattern is forming, with the price currently positioned in sub-wave b. Following the conclusion of sub-wave b, a downward movement is anticipated to complete wave c of wave II.

Trading Strategies for XRPUSD

• Buy Strategy (Long Position):

  • Await price movement towards the support zone of 1.8936 - 1.5370.
  • Identify bullish signals before entering a long trade.

• Risk Management:

  • Set a stop-loss order below 1.5000 to manage potential risks.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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