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.
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 ~$0.81 which is marked as POE (point of entry) on the chart.
Point of invalidation (POI) for the current analysis is placed below support area 2.
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.
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 ~$0.81 which is marked as POE (point of entry) on the chart.
Point of invalidation (POI) for the current analysis is placed below support area 2.