XRPUSD Elliott Wave Analysis | TradingLounge Daily Chart
XRP/ U.S. Dollar (XRPUSD) Daily Chart Analysis
XRPUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Position: Wave 2
Next Higher Degree Direction: Pending
Invalidation Level: Not Specified
XRP/ U.S. Dollar (XRPUSD) – Trading Strategy:
After a strong rally in Wave 1, XRP/USD reached a peak around $2.40. The ongoing Wave 2 correction is developing into an A-B-C Elliott Wave structure, with Wave C yet to complete. A bullish reversal from the anticipated support zone could trigger the start of Wave 3, offering a prime trading opportunity to target new highs in XRP.
Trading Strategies
Approach
Short-Term Trading (Swing Trade)
- Track the completion of Wave C within the target support range of $1.90 to $1.88.
- Watch for bullish confirmation signals or divergences to enter long positions for Wave 3.
Risk Management
- Invalidation occurs if XRPUSD breaks below $1.6165, negating the current bullish Elliott Wave count.
XRPUSD Elliott Wave Analysis | TradingLounge H4 Chart
XRP/ U.S. Dollar (XRPUSD) 4-Hour Chart Analysis
XRPUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Position: Wave 2
Next Higher Degree Direction: Pending
Invalidation Level: Not Specified
XRP/ U.S. Dollar (XRPUSD) – Trading Strategy:
XRPUSD surged impressively during Wave 1, topping out near $2.40. The cryptocurrency is now retracing in Wave 2, forming an expected A-B-C Elliott Wave correction, with Wave C still in progress. A bullish reaction from the forecasted support zone could launch a powerful Wave 3 rally, aiming to break previous resistance levels.
XRPUSD Trading Strategies
Approach
- Short-Term Trading (Swing Trade)
- Wait for Wave C to complete within the $1.90–$1.88 support area.
- Look for bullish setups or divergences to confirm long entries for Wave 3.
Risk Management
- The bullish scenario is invalidated if XRPUSD drops below $1.6165.
Technical Analyst: Kittiampon Somboonsod, CEWA
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
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