27Feb

XRP Ripple Elliott Wave Analysis: Market Trends, Support & Resistance Levels, and Technical Forecast for XRPUSD

XRP/ U.S. Dollar (XRPUSD) Elliott Wave Analysis – TradingLounge Daily Chart

XRPUSD 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

Analysis Details:

The XRPUSD price structure indicates a continuing downward correction within Corrective Wave (B). There is still room for further downside movement before potential stabilization, suggesting traders should monitor key support levels.

XRP/ U.S. Dollar (XRPUSD) Trading Strategy

XRP has completed Wave (I) and is now in a bearish correction phase (Wave (II)). Before transitioning into the final corrective leg (Wave C), a short-term recovery (Wave B up) may occur. The projected key support level for Wave C is 1.533 USD.

Trading Strategy

Long Strategy

Entry: Buy when price retraces to a key support level

  • If XRP tests the $1.533 support zone and buying pressure strengthens, a long entry may be considered.
  • Target Profit Range: Between 2.50 - 3.38 USD

Risk Management:

  • If XRP drops below 1.533 USD, traders should reassess their positions and apply risk mitigation strategies.

XRPUSD-1d-crypto-cha...


XRP/ U.S. Dollar (XRPUSD) Elliott Wave Analysis – TradingLounge H4 Chart

XRPUSD 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

Analysis Details:

The XRPUSD market remains in a corrective phase within Wave (B), indicating further downside potential before a trend reversal takes place. Traders should watch for key support confirmations before making trading decisions.

XRP/ U.S. Dollar (XRPUSD) Trading Strategy

XRP has completed Wave (I) and is undergoing a corrective decline in Wave (II). A temporary rebound (Wave B up) may precede the final Wave C leg, where the 1.533 USD level serves as a critical support zone.

Trading Strategy

Long Strategy

Entry: Buy when price retraces to a key support level

  • If XRP reaches the $1.533 support and buying momentum returns, traders may consider a long position.
  • Target Profit Range: Between 2.50 - 3.38 USD

Risk Management:

  • If the price falls below 1.533 USD, traders should reassess their positions to avoid potential losses.

Technical Analyst: Kittiampon Somboonsod, CEWA

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

Previous: SOLUSD Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

XRPUSD-4h-crypto-cha...

Related

Discover the best FTSE 100 stocks to buy: FTSE 100 (UK) Index Elliott Wave Technical Analysis and Trading

Discover the best FTSE 100 stocks to buy: FTSE 100 (UK) Index Elliott Wave Technical Analysis and Trading

Dive into our detailed FTSE 100 trading and UKX analysis to gain a comprehensive understanding of ma...

Read More >
S&P/TSX 60 Elliott Wave Analysis Shows Bullish Trend Developing With Strong Impulsive Structure and Upward Market Momentum

S&P/TSX 60 Elliott Wave Analysis Shows Bullish Trend Developing With Strong Impulsive Structure and Upward Market Momentum

S&P/TSX 60 Elliott Wave forecast highlights an ongoing bullish trend marked by impulsive wave struct...

Read More >
Master Elliott Wave Analysis: Latest Trends in Commodities, Bonds, and USD DXY for Informed Trading

Master Elliott Wave Analysis: Latest Trends in Commodities, Bonds, and USD DXY for Informed Trading

Stay updated with our latest analysis on the commodities market, focusing on Elliott Wave trends. Ex...

Read More >
U.S. Dollar / Swiss Franc Forex Currency Pair and  USDCHF Elliott Wave Technical Analysis Focusing on Daily and 4-hour Charts

U.S. Dollar / Swiss Franc Forex Currency Pair and USDCHF Elliott Wave Technical Analysis Focusing on Daily and 4-hour Charts

This article provides a comprehensive USDCHF Elliott Wave analysis, focusing on daily and 4-hour cha...

Read More >
META's Stock Movements: Meta Platforms Inc. (META) Stocks Elliott Wave Technical Analysis

META's Stock Movements: Meta Platforms Inc. (META) Stocks Elliott Wave Technical Analysis

This article provides a detailed Elliott Wave analysis of Meta Platforms Inc. (META). It covers META...

Read More >
Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis: Market Trends, and Trading Strategy for Forex Traders Using Elliott Wave Theory

Euro/ U.S. Dollar (EURUSD) Elliott Wave Analysis: Market Trends, and Trading Strategy for Forex Traders Using Elliott Wave Theory

EURUSD Elliott Wave Analysis provides a detailed forecast of the Euro/USD currency pair, highlightin...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on