XRP – Update
2024-12-16
Category: None

XRPUSDT is exhibiting a clear Elliott Wave structure on the 1H timeframe. The price has recently completed the ABC correction near a major Demand Zone at $1.95–$1.82 and has begun a new impulsive wave sequence. The structure shows Wave 2 in progress, with a projected target for Wave 5 near $3.51.

The market appears to still be in Wave 2 of a new impulsive cycle.
Wave 2 corrections typically retrace to key Fibonacci levels (50%-78.6%) before reversing into Wave 3.

By overlaying a ghost of the previous Elliott Wave, the current wave 1 aligns well, and the projected Wave 5 target could extend to around $3.51.

Once Wave 2 confirms, expect Wave 3 to push strongly toward $3.2 based on previous wave "ghost" projections.

Look for confirmation signals (bullish price action, RSI divergence) before entering long positions.

Possible Trade Setup:

Entry: Around $2.5310 (Breakout).
Stop Loss: Below $2.2568 (Bottom of Wave 2).
Take Profit: $3.51 (Projected Wave 5 target).
Position size: 1-3% of your capital


"Patience pays. Wait for the pullback, not the hype."
“The four most dangerous words in investing are: 'This time it's different.'” – Sir John Templeton

⚠️ Disclaimer
This analysis is for educational purposes only. Always manage your risk and seek professional advice before trading.