Image Source: UpsplashElliott Wave Analysis TradingLounge Daily Chart, 19 December 23,Ripple / U.S. dollar(XRPUSD)XRPUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: TrianglePosition: Wave ((E))Direction Next higher Degrees: wave 4 of ImpulseWave Cancel invalid level:Details: The movement within a triangle patternRipple / 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, CEWASource : Tradinglounge.com
Elliott Wave Analysis TradingLounge 4H Chart, 19 December 23,Ripple / U.S. dollar(XRPUSD)XRPUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: ZigzagPosition: Wave CDirection Next higher Degrees: wave (Z) of triple CorrectiveWave Cancel invalid level: 0.52954Details: : the five-wave decline in Wave cRipple / 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.
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