XRP/USD Elliott Wave Forecast: Correction Before the Next Leg Higher
The Elliott Wave analysis on XRP/USD suggests a strong bullish trend, with a clearly defined five-wave impulsive structure. The chart begins with a corrective wave ((2)), marking the end of a prior bearish cycle. From there, the market initiated a new bullish sequence, forming an impulsive wave (1) and a corrective wave (2), which set the foundation for the uptrend. The strong rally in wave (3) subdivided into five smaller waves, confirming bullish momentum. Then followed by a wave (4) correction, forming a contracting triangle labeled A-B-C-D-E. This consolidation suggested a continuation of the trend once completed. After breaking out from the triangle, the final wave (5) pushed higher, completing the full five-wave sequence in wave ((3)) following deep and a sharp correction in ((4)).Currently, XRP is in a corrective wave (2) of a higher-degree impulse ((5)). The structure follows an A-B-C pattern, with wave A initiating the decline, wave B forming a temporary bounce, and wave C completing the correction. The invalidation level is at 1.77331, meaning the bullish outlook remains intact as long as prices stay above this level. The Turning Up tag suggests that the correction may be near completion, and a new impulsive advance could follow.
4-Hour Elliott Wave Counts
Despite the bullish trend, traders are advised to avoid buying at this stage, as indicated by the "We Do Not Recommend Buying" warning. A confirmation of trend continuation, such as a break above recent highs, would provide better entry opportunities. As long as XRP remains above 1.77331, the long-term bullish structure stays valid. However, patience is necessary, as corrective waves can be volatile before the next impulsive move begins. If the analysis holds, XRP could target higher levels beyond 3.00 USD in the coming weeks.
Source: https://elliottwave-forecast.com/cr...lish-trend-remains-intact-despite-correction/
