Elliott Wave Analysis: TradingLounge Daily Chart

XRP/USD (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next Higher Degrees: Wave I of Impulse

Wave Cancel Invalid Level: N/A

Details: The five-wave increase of Wave ((1))

XRP/USD (XRPUSD) Trading Strategy:

• Expect a second wave of Zigzag consolidation before a price increase in the third wave.
• The overall outlook is a correction before another increase.
• Look for opportunities to join the uptrend from a short-term correction within the second wave.

XRP/USD (XRPUSD) Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish momentum.

Elliott Wave Analysis: TradingLounge H4 Chart

XRP/USD (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next Higher Degrees: Wave I of Impulse

Wave Cancel Invalid Level: N/A

Details: The rally in Wave 1 is likely to end; watch for a correction in Wave 2.

XRP/USD (XRPUSD) Trading Strategy:

• Expect a second wave of Zigzag consolidation before a price increase in the third wave.
• The overall outlook is a correction before another increase.
• Look for opportunities to join the uptrend from a short-term correction within the second wave.

XRP/USD (XRPUSD) Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

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

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