XRP Elliott Wave technical analysis [Video]
|Elliott Wave Analysis TradingLounge
XRP/ U.S. dollar(XRPUSD)
XRP/USD 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/USD 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.
XRP/USD 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/USD 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.
XRP Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.