Ripple (XRP/USD) Elliott Wave Analysis

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 Ripple (XRP/USD) daily chart


As shown in the daily chart, prices are moving in a positive formation and it is above the rising trend line which can soar prices going ahead. For prices to continue to move up, it is imperative that the level of $0.40 is protected on the downside. By doing so, there will be break of its previous higher low thus changing the positive formation.

Daily RSI is changing the direction from negative to positive and has reversed from the oversold threshold.

As per Wave theory, prices are in a (a-b-c) pattern, in which it has completed wave a and wave b and has completed wave i of wave c. It is on the verge to complete wave ii which will open wave iii higher and can test $2.45 which is 100% of wave i and if it is extended then it can move till $3.86.

The summation is Ripple (XRP/USD) is set to move higher near to $2.45 over short to medium term, sustainable move above mentioned level can surge till $3.86 as far as $0.4 is intact.


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