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Elliott Wave Analysis TradingLounge Daily Chart

XRP/ U.S. dollar(XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave ((B))

Direction Next higher Degrees: wave IV

Wave Cancel invalid level:

XRP/ U.S. dollar(XRPUSD)Trading Strategy:

XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.

Trading strategies

* Buy Strategy (Long Position):

   * Wait for the price to adjust down to the support zone of 1.8936 - 1.5370 and look for an opportunity to open a buy position.

* Risk Management:

   * Set Stop Loss below 1.5000 level.

Elliott Wave Analysis TradingLounge 4hr Chart

XRP/ U.S. dollar(XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

position: Wave ((3))

Direction Next higher Degrees: wave a

Wave Cancel invalid level:

Details: The current structure of XRPUSD shows a downward correction in Corrective Wave (a), which still has a chance to move down further.

XRP/ U.S. dollar(XRPUSD)Trading Strategy:

XRPUSD is in a wave II structure, which is a corrective wave. After the end of wave I, wave II is expected to form a corrective ABC structure. Currently, the price is in the sub-wave b of this structure. After the end of wave b, the price is expected to correct down to the end of wave c of wave II.

Trading strategies

* Buy Strategy (Long Position):

   * Wait for the price to adjust down to the support zone of 1.8936 - 1.5370 and look for an opportunity to open a buy position.

* Risk Management:

   * Set Stop Loss below the 1.5000 level.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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