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Elliott Wave Analysis – TradingLounge | Daily Chart

Ripple / U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

• Function: Follow Trend
• Mode: Motive
• Structure: Impulse
• Position: Wave 2
• Direction Next Higher Degrees: Pending confirmation
• Wave Cancel Invalidation Level: $1.613

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

XRP reached a peak of $2.656 in May and has been undergoing a correction phase. From the Elliott Wave perspective, this correction is identified as wave ② within a larger upward trend. Currently, the price appears to be in the final segment of the corrective wave (C).

Trading Strategies

• Strategy Outline:
• • ✅ For Short-Term Traders (Swing Trade):
    Watch for a possible reversal around the $1.83 area. A recovery from this zone may signal the beginning of wave ③ in the bullish direction.
• Risk Management:
• • 🟥 Critical Level:
    If the price falls below $1.613, the current wave structure becomes invalid and must be reassessed.

Elliott Wave Analysis – TradingLounge | H4 Chart

Ripple / U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

• Function: Follow Trend
• Mode: Motive
• Structure: Impulse
• Position: Wave 2
• Direction Next Higher Degrees: Pending confirmation
• Wave Cancel Invalidation Level: $1.613

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

Following XRP's surge to $2.656 in May, a corrective movement has been unfolding. This correction, in Elliott Wave terms, is part of wave ② of a broader bullish trend and appears to be approaching its concluding stage within wave (C).

Trading Strategies

• Strategy Outline:
• • ✅ For Short-Term Traders (Swing Trade):
    Consider a potential buy opportunity if a reversal occurs near the $1.83 area, aligning with the next upward wave ③.
• Risk Management:
• • 🟥 Critical Level:
    A move below $1.613 nullifies the current wave scenario, requiring immediate reassessment.

Technical Analyst: Kittiampon Somboonsod, CEWA
Source: TradingLounge.com

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