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Elliott wave analysis of Ripple (XRPUSD) 4hr tf

Previous post on Ripple (XRPUSD) can be found here:

It was mentioned in the previous post that Ripple (XRPUSD) would likely resume an uptrend after consolidating above Support area 2 which coincides with the 0.618% retracement of the uptrend from ~$0.47 to a price close of ~$0.87 on April 20, 2018.

Wave analysis of Ripple (XRPUSD)

Price action from ~$0.66 on May 11, 2018 till the time of this post is shaping up to be a regular flat Elliott wave structure. Completion of the structure should see XRP target between ~$0.74 and $0.77. Also adding to a bearish scenario is the presence of the 38.2% (~$0.75) retracement coinciding with the Target area as shown on the chart.

The implication of the completion of the Elliott wave structure implies that more selling awaits XRPUSD. Any consideration of a long (buy) position is safer on a breakout about ~$0.81which is marked as POE (point of entry) on the chart.

Point of invalidation (POI) for the current analysis is placed below support area 2.

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