XRP/USDT: Corrective Waves Above Strong Support 1H (Jul. 29)

X Force Global Analysis:


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In this analysis, we explore XRP's hourly chart, identifying key areas of interest by assessing significant support zones.

Analysis

- Just as many other altcoins on a rally, XRP is currently trading within an ascending parallel channel, forming higher lows and higher highs
- The Simple Moving Averages (SMA) are in bullish formation, with the 20 SMA at the very top, and the 50, 100, and 200 SMAs trading below as support
- Prices are also trading above the Ichimoku Cloud, as it has even bounced on the cloud before forming impulse waves
- From an Elliott Wave perspective, XRP has formed Elliott Impulse Waves (12345), and is now looking to complete an Elliott Correction Wave (ABC)
- Using the Fibonacci retracement, we could expect wave C to play down to the 0.382 Fibonacci support


What We Believe

While the overall trend remains bullish for XRP, it's important to wait for optimal entries to maximize one's position, by keeping an eye on significant support regions mentioned above.

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