Xrpusdbuy
Wave analysis of Ripple (XRPUSD): 4hr tf bullish biasXRPUSD is currently testing Support area 2 between ~ $0.65 and $0.62 after ripping through “support area” as mentioned in my previous post.
Support area 2 does coincide with the 0.618% retracement of the uptrend from ~$0.47 to a price close of ~$0.87 on April 20, 2018. This increases the chance of Ripple (XRPUSD) holding support area 2.
Price action from ~0.87 on April 20, 2018 till present is identified in this analysis as an expanded flat Elliott wave structure, which implies a corrective move back up or 5wave move upwards. Either scenario is bullish therefore a bullish bias is favored in this analysis for Ripple (XRPUSD).
The 4hr tf RSI (relative strength index) as shown in this post indicates a positive rising slope for Ripple (XRPUSD) which also argues for a bullish scenario.
Failure of price to hold support area 2 could see Ripple (XRPUSD) return to Support area 3 as given in this post, which is between ~ $0.46 and $0.51.
Ripple's Market Overview
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Ripple (XRPUSD) 4hr tf Elliott wave analysisRipple’s (XRPUSD) price swing from ~ $0.47 on April 6, 2018 to ~$0.92 on April 20, 2018 has been identified in this analysis as a 3 wave (A-B-C) that terminated a minor wave degree (Minor wave W).
The implication of the above is that Ripple (XRPUSD) is currently in a Minor wave X (a correction). Completion of Minor wave X should be followed by Minor wave Y which should see the price of Ripple (XRPUSD) continue its bullish trend.
Projection of the termination region of Wave Y can be carried once Wave X is complete.
Ripple forming another continuation wedge, but use caution!!Ripple is forming another continuation wedge like the one we saw last time. However, this one is trickier because the wedge is in this resistance zone and right below the $1 mark which is more psychological than anything. the last wedge we had a good 20 cent gap before we hit any type of resistance. If we put a buy stop above this wedge we only have a few cents before it hits that $1 mark. If you believe it's just going to blow through $1, then a buy stop just above is the right call. But this first resistance zone has really held up. I would want to see it crack a $1 before I trade a break. Your call how you play it.
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Happy Trading,
-Sherem
>> XRPUSD << April 23rd >> Long „Intraday“ Setup <<Hey Guys and Welcome,
XRPUSD retraced over 60% of previous Day price action, we are following short-term Trend with a good RR.
Price moving sideways we see another small push to the upside before decision of price breakout.
Long: 0.86348
Sl: 0.82995
Tp: 0.90426
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Have a good one :)