XRP - 1H Elliott Wave Analysis
2025-01-16
Category: None

Greetings, this is an update for the Elliott Wave count of XRP.

We broke out of the Elliott Wave Triangle that was communicated in the last posts.
We assume that the green Wave 4 has finished with this Elliott Wave Triangle and we started the green Wave 5. 

We count the recent move up which was the breakout as blue Wave 1 which could be finished but there is still the potential of further extension. After blue Wave 1 finishes we want to see a corrective retracement in red Wave ABC which would finish the blue Wave 2.

The support area of blue Wave 2 sits between the 0.5 FIB at 2.6144 USD and the 0.786 FIB at 2.3774 USD. We added the 0.382 FIB at 2.7121 USD to the blue Wave 2 support area as XRP tends to have aggressive breakouts which could mean we get a shallow Wave 2.
The blue Wave 2 support area will move up if we get further extensions to the upside.

Congratulations to everybody who entered on the blue Wave E support area! :)

Thanks for reading.

NO FINANCIAL ADVICE.