XRP/USD 4 Hour Elliott Wave AnalysisHello Traders,
In this analysis, we will have a look at XRP/USD in the 4-hour chart.
Down from 04/24/18 peak, Ripple is showing an incomplete 5 swings sequence to the downside.
Ripple completed the cycle from 04/24/18 in blue wave (W) at the low of 05/29/18 (0.5428). The internals of blue wave (W) unfolded as an Elliott Wave Zig-Zag structure where it ended cycle from 04/24/18 peak at the low of 04/26/18 (0.7598) in red wave A. Up from that low it finished the correction in red wave B at the peak of 05/04/18 (0.9238). Below from there, it ended internal black wave ((i)) at the low of 05/12/18 (0.6336). Up from there, it completed the correction in black wave ((ii)) at the peak of 05/14/18 (0.7483). Below from that peak, black wave ((iii)) completed at the low of 05/23/18 (0.5735) and it ended black wave ((iv)) correction at the peak of 05/24/18 (0.6390). Below from there, it completed black wave ((v)) of red wave C in blue wave (W) at the low of 05/29/18 (0.5466).
Up from there, it ended blue wave (X) correction at the peak of 06/04/18 (0.7035).
Below from 06/04/18 peak, it completed red wave A as a part of an Elliott Wave Zigzag structure at the low of 06/13/18 (0.5052). The internals of red wave A unfolded in a 5 waves Elliott Wave impulse, where it ended black wave ((i)) at the low of 06/05/18 (0.6338). Up from there, black wave ((ii)) correction was complete at 06/07/18 peak (0.6862). Below from there, it ended black wave ((iii)) at the low of 06/10/18 (0.5553) and the correction in black wave ((iv)) at the peak of 06/11/18 (0.6038). Below from there, it finished black wave ((v)) of red wave A at the low of 06/13/18 (0.5045). From that low, it ended red wave B correction at the peak of 06/15/18 (0.5684).
As long as bounces fail below 0.70 peak, then XRP will be looking to trade lower toward equal legs area 0.28 – 0.18 before ending a 7 swings double three structure. Up from there, it will be looking to bounce higher in 3 waves at least.
