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Elliott Wave Analysis TradingLounge Daily Chart

XRP/ U.S. dollar(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: 

Details: the five-wave Increase of wave ((1))

XRP/ U.S. dollar(XRPUSD)Trading Strategy:
It looks like a second wave of Zigzag consolidation before the price increases again in the third wave. The overall picture is a correction before another increase. Look for an opportunity to join the uptrend from a short-term correction within the second wave.

XRP/ U.S. dollar(XRPUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart

XRP/ U.S. dollar(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: 

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

XRP/ U.S. dollar(XRPUSD)Trading Strategy:
It looks like a second wave of Zigzag consolidation before the price increases again in the third wave. The overall picture is a correction before another increase. Look for an opportunity to join the uptrend from a short-term correction within the second wave.

XRP/ U.S. dollar(XRPUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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