XRP - EW Market Analysis & Trading Plan

XRP - EW Market Analysis & Trading Plan

After a prolonged corrective consolidation following the green Wave 1 impulse, XRP was able to regain its impulsive momentum and successfully complete the correction the green wave 2. From that point XRP built up an very impulsive Wave 1 and its associated Wave 2 correction in light blue.

XRP has now eventually finished this Wave 2 correction (light blue) and formed a new one-two setup in dark blue, initiating the impulse for the light-blue Wave 3. The price structure of this dark-blue one-two setup recently reached our trading zone, receiving a gentle bounce at the upper edge of the 50 percent Fibonacci retracement level at 2.78 dollars.

This structure indicates that the dark-blue Wave 2 correction may now be complete, and the market is beginning an impulsive Wave 3 advance in dark blue, to continue the light blue wave 3


Trading Plan

The reaction within our Fibonacci target zone, from 50 percent at 2.78 dollars to 78.6 percent at 2.28 dollars, confirms a successful setup. Based on this structure, potential price targets for the upcoming Wave 3 are:

  • 161.8 percent Fibonacci extension: 4.73 dollars
  • 261.8 percent Fibonacci extension: 6.48 dollars

We entered this market successfully, so be patient until this Asset gets updated with new potential Long target zones. We will keep you on track!

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