Elliott Wave Technical Analysis: XRPUSD - Tuesday, December 19

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Elliott Wave Analysis TradingLounge Daily Chart, 19 December 23,

Ripple / U.S. dollar(XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave ((E))

Direction Next higher Degrees: wave 4 of Impulse

Wave Cancel invalid level:

Details: The movement within a triangle pattern

Ripple / U.S. dollar(XRPUSD)Trading Strategy: Overall, XRP is still in the correction phase of the triangle pattern. Prices continue to trend down in wave (C) with important support around the 0.400 area.

Ripple / U.S. dollar(XRPUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source : Tradinglounge.com

Elliott Wave Analysis TradingLounge 4H Chart, 19 December 23,

Ripple / U.S. dollar(XRPUSD)

XRPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave (Z) of triple Corrective

Wave Cancel invalid level: 0.52954

Details: : the five-wave decline in Wave c

Ripple / U.S. dollar(XRPUSD)Trading Strategy: We are still looking for a five-wave decline of Wave C. We now have a completed Wave 1 at 0.57400 and a Wave 2 retracement at 0.700, so the price is entering a Wave 3 trending move. At the level of 161.8% of wave 1(0.42), the overall picture is still in a downtrend.

Ripple / U.S. dollar(XRPUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillators a Bearish Momentum.