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Elliott Wave Analysis on Ripple (XRP/USD)Major Wave Structure 1. Primary Waves • W-X-Y-XX-Z: The chart begins with a complex corrective structure, which is common in Elliott Wave Theory to describe prolonged corrective phases. • 1-2-3-4-5: Following the complex correction, an impulsive wave structure is apparent. 2. Subwaves • Each primary wave consists of smaller-degree waves, identified using numerical (1, 2, 3, 4, 5) and alphabetical (A, B, C) labels. Detailed Breakdown Corrective Phase (W-X-Y-XX-Z) • Wave W: Indicates an initial corrective phase, typically forming a zigzag pattern. • Wave X: A connecting wave that can take the form of a triangle, flat, or zigzag. • Wave Y: Another corrective wave similar to wave W. • Wave XX: Another connecting wave, similar in structure to wave X. • Wave Z: The final corrective phase in the complex structure. Impulsive Phase (1-2-3-4-5) • Wave 1: Initial impulsive wave marking the beginning of a new trend. • Wave 2: Corrective phase, typically retracing part of wave 1. • Wave 3: The strongest and usually the longest wave, often extending to 161.8% of wave 1. • Wave 4: Another corrective wave, usually less severe than wave 2. • Wave 5: Final wave in the impulsive phase, often displaying divergence with indicators like MACD or RSI. Fibonacci Levels • Fibonacci retracement levels are crucial in identifying potential reversal points and are marked on the chart: • 23.6% Retracement: Around 0.58025, indicating a potential resistance level during a pullback. • 38.2% Retracement: Near 0.54160, suggesting a significant support level. • 50% Retracement: Often considered a strong support or resistance level, located around 0.51587. Future Projections 1. Current Scenario • The chart indicates that Ripple is currently forming wave (3), which is expected to continue upwards, with potential resistance around 0.65795. 2. Wave (4) Projection • After completing wave (3), a corrective phase (wave (4)) is likely. This wave could retrace to the 38.2% or 50% Fibonacci levels, around 0.54160 or 0.51587, respectively. 3. Wave (5) Projection • Following wave (4), the upward trend is expected to resume in wave (5), potentially targeting new highs above the previous peak of wave (3). Conclusion • Short-Term: Expect continued upward movement in wave (3), with resistance around 0.65795. • Medium-Term: A corrective phase (wave (4)) is expected, targeting support around 0.54160 or 0.51587. • Long-Term: After wave (4), the upward trend should continue in wave (5), potentially reaching higher levels. Trading Strategy • Entry: Consider entering long positions near the end of wave (4), using Fibonacci support levels around 0.54160 or 0.51587 as potential entry points. • Stop-Loss: Place stop-loss orders below the 61.8% retracement level to protect against deeper corrections. • Targets: Set initial profit targets around the resistance level of wave (3) and adjust positions based on the development of wave (5).
FOREXCOM:XRPUSDLong
by KironKavanagh
BuyBack is @ 0.5219 for safe inBuyBack is @ 0.5219 for safe in. XRP on the daily is about to turn into a sell. I have my Buy Back in already at 0.5219 which is the Dashed Lines on the weekly chart. The actual target is: 0.5064 HOWEVER, you will not be able to capture that in time (if sleeping) and that is usually when the target hits. The formula is prior 21 Day MA movents on the weekly. 0.5064 is near limit and exchanges are anywheres from 1 to 2 cents difference in exchanges thus, I feel 0.5219 is A SAFE BET FOR ME. The WizardOfRealms13
BITSTAMP:XRPUSDShort
by WizardOfRealms
2
XRP QUICK NIGHT TA!🔥 Hey hey! Hope everyone's doing well, got some free time and wanted to get a quick TA and follow up here from our last idea. It'll be a quick but important idea. And thanks for joining me as always! 🔥 In our most recent idea we added in this ascending channel with the blue lines, I've extended it in today's idea with the red lines for reference. And here's a link and image of the previous idea: 🔥 Following off from that we'll take a quick look at what's happened since and some smaller timeframes. First thing to note is that as we spoke on in the previous idea, we we're anticipating a possible reversal and retracement, especially after the big rally we'd experienced. Can see how once we lost that ascending channel we really got some sell pressure before getting that support at 0.541. And for reference here's our 15 minute chart: 🔥 I've added two annotations for reference to highlight the two points of interest as of currently. First things first, can see how once we lost that 200 EMA bears basically took over before that support at 0.541 hit back ultimately helping us regain that 200 EMA and pushing us to our next highlight! 🔥 We're at this horizontal channel now and if I had to say from past trading action and behavior, we'll more than likely be seeing some sort of breakout soon enough, now whether or not that happens depends on the 200 EMA, we're familiar with that 200 EMA by now and it's effect so what happens next will more or less be based off whether or not we can stay afloat and above that or if we'll lose the 200 EMA again being that we've failed to form a higher high already and tested that support at 0.541 so definitely set some alerts for 0.541 and 0.610 if you want to keep tabs on things. 🔥 Said this was going to be a quick idea and that's that. Just wanted to follow up and highlight a couple things for now but I'll definitely keep you guys posted and thanks for joining me once again as always, many blessings and good wishes till next! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
2
Is it time???Just wanted to point out that the length of this huge convergence point in Xrp's chart has gone on much much longer than anticipated. If you take a look at the all time high and extend that to the next extreme high that Xrp had. We're talking from December 2017 (bullrun) to April 2021 (highest price). If we extend that timeframe from the April 2021 date all the way to now leading up to the present end date of September 2024, we'll have doubled that timeframe from all time high to most recent high. I'm expecting big things for 2024, and we're only just getting started!
BITSTAMP:XRPUSDLong
by Immortalsouls
Technical Analysis of XRP/USD Chart Key Indicators: Moving Averages (MAs): The chart does not explicitly show MAs, but the general price trend suggests that shorter-term MAs (like the 20-day or 50-day) are likely upward-sloping, indicating a bullish trend. Relative Strength Index (RSI): The RSI is at 65.11, suggesting that the asset is in the bullish zone but not overbought. This indicates there is still room for upward movement before hitting overbought levels. Volume: The volume histogram shows an increase in trading activity during recent price rises, which is a bullish sign. Higher volume on up-days compared to down-days suggests strong buying interest. TradersEdgeX Histogram: The histogram shows a positive value (78.1397 to 82.1787), reinforcing the bullish sentiment. Chart Patterns: Potential Double Bottom: Around mid-June, there seems to be a potential double bottom pattern forming at approximately $0.45, followed by a significant rise in price. This is typically a bullish reversal pattern. Bullish Engulfing Candle: The recent price action includes a bullish engulfing candle, indicating strong buyer momentum. Support and Resistance Levels: Support: Strong support is visible around $0.45, which aligns with the double bottom pattern. Resistance: Immediate resistance is at $0.60, and a break above this level could see the price testing $0.65 and $0.70. Volume Analysis: Increasing volume with price increases suggests that the upward movement is supported by strong buying interest. Declining volume on pullbacks indicates that sellers are not strong enough to push the price down significantly. Trend Analysis: The overall trend appears bullish with higher highs and higher lows forming. The RSI and volume analysis also support this bullish trend. Potential Scenarios: Bullish Scenario: If the price breaks above the $0.60 resistance level with significant volume, it could continue to rise towards $0.65 and potentially $0.70. Bearish Scenario: If the price fails to break above $0.60 and falls below the recent support level of $0.50, it could retest the $0.45 support level. A break below this could signal a reversal to a bearish trend. Questions and Considerations: Will the price sustain above the $0.60 resistance level, or will it face significant selling pressure? Is the volume trend strong enough to support continued upward movement? Risk Management Strategies: Stop-Loss Levels: For long positions, a stop-loss can be placed just below the $0.50 support level, to minimize losses if the price breaks down. For short positions, a stop-loss can be placed above $0.65, considering the next resistance level. Risk-Reward Ratios: A typical risk-reward ratio of 1:2 or 1:3 can be considered. For instance, if the entry point is around $0.60, the target could be $0.70 with a stop-loss at $0.55, offering a 1:2 risk-reward ratio. Position Sizing: Position size should be determined based on the trader’s risk tolerance and the stop-loss distance. For example, if risking 1% of the trading account on a trade, calculate the position size so that the loss does not exceed 1% if the stop-loss is hit. Summary: The chart analysis indicates a bullish trend with strong support around $0.45 and resistance at $0.60. Volume and RSI support the bullish sentiment, but it’s crucial to monitor the price action at the resistance level for confirmation of continued upward movement or potential reversal. Employing proper risk management techniques, such as stop-losses, risk-reward ratios, and appropriate position sizing, will help in mitigating potential losses.
COINBASE:XRPUSD
by vipervv2000
XRP vs godl & T10Y2Y yield curveDo these look like correlations? 1. XRPUSD vs XAUUSD, 1W (top chart). - gold and XRP flat prior 2019 notwithstanding XRP's 2017 bull run spike. - gold increases 2019, moves flat 2020-2020 while XRP rises during last bull run. - separation occurs late 2022 with gold increasing since. Will XRP catch up? 2. XRPUSD vs T10Y2Y US treasury yield curve, 1W (bottom chart). - long term decline in curve to about Aug 2020 then increases to match XRP's price at top of last bull run. - curve then declines and inverts matching XRP's drop and flat movement since last bull run. - curve un-inverting and XRP recently increasing? If rates are cut, are we going to see the curve un-invert, gold pump, and XRP spike above its ATH?
CRYPTO:XRPUSDLong
by WheretheStreets_HaveNoName
1