Elliott Wave Analysis TradingLounge Daily Chart, Monday, June 5, 2023.

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Ripple/U.S. Dollar (XRP-X)

XRPUSD Elliott Wave Technical Analysis 

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave 1 of Motive

Details: Wave 3 is usually equal to 1.618 multiplied Length of wave 1

Wave Cancel invalid level: 0.41001

Ripple/U.S. Dollar (XRPUSD)Trading Strategy: Ripple is still in an uptrend. As an increase in wave 3 is usually equal to 1.618 multiplied Length of wave 1. Once wave 3 completes, there is a short retracement in wave 4 before rising again in wave 5. Watch out for a retracement in wave 4.

Ripple/U.S. Dollar (XRPUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, June 5, 2023.

Ripple/U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis 

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave 1 of Motive

Details: Wave 3 is usually equal to 1.618 multiplied Length of wave 1

Wave Cancel invalid level: 0.41001

Ripple/U.S. Dollar (XRPUSD)Trading Strategy: Ripple is still in an uptrend. As an increase in wave 3 is usually equal to 1.618 multiplied Length of wave 1. Once wave 3 completes, there is a short retracement in wave 4 before rising again in wave 5. Watch out for a retracement in wave 4.

Ripple/U.S. Dollar (XRPUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are bullish momentum.

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