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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:

XRP is in wave II correction after the end of wave I. ABC Flat correction wave is expected to fall to the Key Support (1.62364 USD). If the price reverses from the support, it could be the start of wave III.

Trading strategies

* Buy Strategy (Long Position):

   * Wait for a reversal signal after the price has adjusted down to 1.62364 - 1.53700 USD.

* Risk Management:

   * If the price breaks the support level of 1.53700 USD, a new lower support level may need to be considered.

Elliott Wave Analysis TradingLounge 4hr 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:

XRP is in wave II correction after the end of wave I. ABC Flat correction wave is expected to fall to the Key Support (1.62364 USD). If the price reverses from the support, it could be the start of wave III.

Trading strategies

* Buy Strategy (Long Position):

   * Wait for a reversal signal after the price has adjusted down to 1.62364 - 1.53700 USD.

* Risk Management:

   * If the price breaks the support level of 1.53700 USD, a new lower support level may need to be considered.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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