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Wave analysis of Ripple (XRPUSD): 4hr tf bullish bias

XRPUSD 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.

Elliott wave analysis of Ripple (XRPUSD)

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.

1 thought on “Wave analysis of Ripple (XRPUSD): 4hr tf bullish bias

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