Short Term Trade and Elliott Wave Count on XRP

XRPUSD

XRP made an important bottom with huge volume on March 13, 2020, at around $0.11 USD. From there it started a 5-wave move to the upside for about 48 days. Followed by a 3-wave decline to about $0.1688 USD, which lasted about 58 days. It declined a little below the 50% Fibonnaci Retracement which is common for Waves 2.

What I would expect next is another 5-wave move to at least the February highs of about $0.34 USD, maybe a lot higher.

RSI reach oversold levels just a few days ago, and now it is moving higher. The decline over the past 58 days has been with low volume. Both things are bullish.

Right now, it is sitting at $0.1780 USD. The trade would be to go long right now at $0.1780 with a stop at $0.1680 USD, below the previous recent low. Risking 5.67% to try to make 90.90%. Risk-reward ratio is 16 to 1.

Just an idea, not a recommendation.

I hope you find this interesting.

Good Luck to You

Trade active

Trade active

Trade active:

The next big resistance for XRP is the 200-Day Moving Average, which sits around $0.21 USD. Let’s hope we clear it out quickly.

On the positive note, the 8-Day EMA has move above the 20-Day MA, which is bullish.

Good Luck to You