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Elliott Wave Analysis - TradingLounge Daily Chart
Ripple / U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

• Function: Follow Trend
• Mode: Motive
• Structure: Impulse
• Position: Wave 3
• Direction Next Higher Degrees:
• Wave Cancel Invalid Level:

Ripple / U.S. Dollar (XRPUSD) Trading Strategy
After a long correction phase in wave (2) from April, XRP recently delivered a bullish reversal. The price has broken above the $2.30 bullish level, signaling the potential start of wave (3).

This formation not only confirms the end of the Zigzag correction of wave (2), but also presents a buying opportunity for traders anticipating the correction's conclusion.

Trading Strategies

• Strategy
• • ✅ Short-Term Traders (Swing Trade): Consider entering when price moves past the bullish level and consolidates briefly.
• Risk Management
• • 🟥 Stop-loss: Set below $2.05

(Click on image to enlarge)

Elliott Wave Analysis - TradingLounge H4 Chart
Ripple / U.S. Dollar (XRPUSD)

XRPUSD Elliott Wave Technical Analysis

• Function: Follow Trend
• Mode: Motive
• Structure: Impulse
• Position: Wave 3
• Direction Next Higher Degrees:
• Wave Cancel Invalid Level:

Ripple / U.S. Dollar (XRPUSD) Trading Strategy
XRP has regained upward momentum after pausing in wave (2) since April. A break above the bullish level of approximately $2.30 confirms wave (3) may be in progress.

The structure implies wave (2) completed as a Zigzag, presenting a buying opportunity for traders who waited for this signal.

Trading Strategies

• Strategy
• • ✅ Short-Term Traders (Swing Trade): Look to enter following the breakout and consolidation.
• Risk Management
• • 🟥 Stop-loss: Place below $2.05

(Click on image to enlarge)

Analyst: Kittiampon Somboonsod, CEWA
Source: TradingLounge.com – Get your trial here!

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