Elliott Wave Analysis TradingLounge Daily Chart,
XRP/ U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Position: Wave 3
Next Higher Degree Direction: —
Wave Cancel Invalid Level: —

XRP/ U.S. Dollar (XRPUSD) Trading Strategy:
Following the completion of the major corrective wave (II) around $1.88, XRP started a strong upward wave trend. The internal structure of wave III is forming as expected under the Elliott Wave principle. Wave (1) of wave ③ concluded near $2.80, and the current wave (2) is consolidating within the 50%–61.8% Fibonacci retracement range between $2.36 and $2.29. Price action is beginning to rebound from the Base Channel zone and has remained within the defined wave structure.

Trading Strategies

• Approach
     * Plan
        * For short-term positions (Swing Trade)
           * A confirmed break above $2.65 indicates the beginning of wave (3) within wave ③. This could result in a fast upward move.
     * Risk Control
        * If the price dips below $2.07 (W.C. Invalid level), the current wave count will require re-evaluation.

Elliott Wave Analysis TradingLounge H4 Chart,
XRP/ U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis
Function: Trend Following
Mode: Motive
Structure: Impulse
Position: Wave 3
Next Higher Degree Direction: —
Wave Cancel Invalid Level: —

XRP/ U.S. Dollar (XRPUSD) Trading Strategy:
After ending wave (II) at the $1.88 mark, XRP transitioned into a strong bullish movement. Within this rally, wave (1) of wave III ended near $2.80. The present wave (2) has retraced to the common Fibonacci range between $2.36 and $2.29. Price activity suggests recovery from the Base Channel without violating the wave structure.

Trading Strategies

• Approach
     * Plan
        * For swing traders
           * A breakout above $2.65 would confirm wave (3) within wave ③, possibly accelerating the bullish move.
     * Risk Control
        * If the price moves below $2.07, the wave count will need revision.

Analyst: Kittiampon Somboonsod, CEWA

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