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Elliott wave analysis of Ripple (XRPUSD): 4hr tf

My previous post is referenced below in order to keep track of the progression of Ripple (XRPUSD).

Ripple’s (XRPUSD) price action has remained in a sideways trend after it closed at ~$0.92 on April 20, 2018. The sideways price action is identified in this analysis to be a combination (W-X-Y) Elliott wave structure with Minute wave ((x)) currently ongoing as shown below.

Elliott wave analysis of Ripple using a 4 hour timeframe chart

The implication of the above is that a Minute wave ((y)) should finish downwards as indicated by the red arrow on the 4hr tf chart for Ripple (XRPUSD) before a bullish move can be sustained. This analysis favors Ripple (XRPUSD) targeting between 38.2% and 50% ( i.e. ~$0.74 and $0.70) as the Support area because this lies in the region of technical support for Ripple which is between ~$0.71 and ~$0.74 as indicated by the horizontal black line.

Point of invalidation (POI) is placed just above the high of ~$0.97 reached on April 24, 2018. POI in this case is a price close above $0.99.

One thought on “Elliott wave analysis of Ripple (XRPUSD): 4hr tf

  1. […] It was mentioned in the post that XRPUSD (Ripple) would likely sell off and find support between $0.71 and $0.74. […]

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