XRP - 1D Elliott Wave Analysis
2025-01-06
Category: None

Greetings, this is my primary Elliott Wave Count for XRP on the daily timeframe.

XRP has been recently looking strong and we expect some more upside for the moment.
It seems the XRP is forming the E Wave of an Elliott Wave Triangle which usually is followed by a breakout with strong momentum. This Elliott Wave Triangle would finish the green Wave 4 and be followed by the green Wave 5.

The support area of Wave E is marked on the chart between the 0.382 FIB at 2.3007 USD and the 0.886 FIB at 2.0259 USD. Worthwhile watching is the 0.5 FIB at 2.2364 USD and especially the golden pocket between the 0.618 FIB at 2.1720 USD and the 0.66 FIB at 2.1491 USD.
Be aware that a Wave E often doesn't strictly follow the support areas and likes to under- or overshoot. Key is that the price doesn't break below the blue C Wave of the triangle which sits at 1.9601 USD as it is the invalidation point of the triangle. 

If you are interested in the back-up scenario in case we break below 1.9601 USD check out my next analysis which we will like below as a note! :)
Additionally I recommend checking out the smaller timeframe analysis to get further targets for the blue E wave which will be linked as note too.

Thanks for reading.

NO FINANCIAL ADVICE.
