Hello traders!
Today we will talk about Ripple (XRPUSD), its price action from technical point of view and wave strcuture from Elliott Wave perspective.
Ripple is moving to the downside since August with a five-wave drop from the 0.3295 highs. So, this appears to be wave A, as part of ongoing bearish reversal. In fact, current recovery looks very slow and choppy which usually indicates for a corrective (a)-(b)-(c) movement, ideally into a wave B that has already reached the first resistance at the previous wave four.
Another reason why we think it's worth to keep an eye on another drop on Ripple is XRPUSD Longs/Shorts ratio chart, which we see it at the upper side of a range, at the resistance zone and it's telling us market is positioned long, expectations are for the rise, so simply it may not happen so easily, especially if we respect the past two cycles.
Be humble and trade smart!
If you like what we do, then please support us with a like and share.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Ripple (XRPUSD), its price action from technical point of view and wave strcuture from Elliott Wave perspective.
Ripple is moving to the downside since August with a five-wave drop from the 0.3295 highs. So, this appears to be wave A, as part of ongoing bearish reversal. In fact, current recovery looks very slow and choppy which usually indicates for a corrective (a)-(b)-(c) movement, ideally into a wave B that has already reached the first resistance at the previous wave four.
Another reason why we think it's worth to keep an eye on another drop on Ripple is XRPUSD Longs/Shorts ratio chart, which we see it at the upper side of a range, at the resistance zone and it's telling us market is positioned long, expectations are for the rise, so simply it may not happen so easily, especially if we respect the past two cycles.
Be humble and trade smart!
If you like what we do, then please support us with a like and share.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
