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Elliott Wave Analysis | TradingLounge Daily Chart 

XRP/ U.S. Dollar (XRPUSD)

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:

Following a notable advance in Wave 1, XRP peaked near $2.40. The current correction in Wave 2 appears to form an A-B-C structure, where Wave C remains incomplete. If the price turns upward from the anticipated support zone, this may present a solid opportunity to enter Wave 3, potentially reaching new highs.

Trading Strategies

Approach

Short-Term Trading (Swing Trade)

Monitor Wave C to complete in the target support range between $1.90 and $1.88.

A bullish signal or divergence in this range could signal a buy for Wave 3 positioning.

Risk Management

Key invalidation level: A break below $1.6165 undermines the current bullish setup.

Elliott Wave Analysis | TradingLounge H4 Chart

XRP/ U.S. Dollar (XRPUSD)

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:

XRP previously surged in Wave 1 and peaked at approximately $2.40. The market is now retracing in Wave 2, expected to be an A-B-C correction, with Wave C yet to finish. A bullish reversal from the support area could lead to the next upward Wave 3, possibly breaching previous highs.

Trading Strategies

Approach

Short-Term Trading (Swing Trade)

Wait for Wave C to conclude near the $1.90–$1.88 range.

Enter long positions upon confirmation of bullish divergence or setup.

Risk Management

Structure becomes invalid if price falls below $1.6165.

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

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