Elliott waves crypto analysis – Buyers will soon gain control

XRP –

Buyers will soon gain control

Wave Analysis

We went long previously around 0.7050 and is still in this trade. We expected a clear momentum to the upper side, but as it appears, Ripple continues to loss value and is slowly drawing close to our stop loss set below 0.6190. As long as the stop loss is not triggered, we expect a possible momentum to the upper side. We expect this upward rally to be impulsive in nature and may break above 0.8238 towards 1.0557 or even higher. This view can only be invalidated in case the price breaks below 0.6190, if this is the case, then the price will likely continue to the lower side towards 0.5252.

Trade Recommendations:

We’re still looking for long term buying opportunities towards 1.0557.

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