Posted on

XRPUSD (Ripple) 4hr tf analysis: Bullish bias

Price action from ~$0.47 on April 6, 2018 up to ~$0.69 on April 13, 2018 has been identified in this analysis as a Minute wave ((a)) position. A correction, i.e.  Minute wave ((b)) is currently on after which Minute wave ((c)) should follow.

Ripple (XRPUSD) bullish bias

The implication of the above is that the price of XRPUSD (Ripple) should resume its bullish trend with prices moving higher.  Further evidence of a bullish bias for XRPUSD is the termination of a minor wave degree (wave 5) and an intermediate wave degree i.e. wave (Y). Both of these suggest that prices should move higher and any reaction against the current uptrend should be crushed by XRPUSD bulls.

Support 1 (between $0.61 and $0.63) or Support 2 ($0.54 and $0.58) is expected to offer a floor for price action and then resumption of the current uptrend.

The first target area for XRPUSD after resumption of the uptrend is ~ between $1.08 and $1.23. A higher target region (not shown here) lies between ~$1.57 and $1.73

Point of invalidation of this analysis (POI)is price closing below  ~$0.45

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.