Ripple (XRPUSD): Important Structure Suggests More UpsideJul 16, 2024

XRPUSD is trading at new intraday highs, and we can now count five waves up from 38 cents. This is an important wave structure because it confirms the direction of the bull trend, indicating that more gains should follow. However, after every five-wave move, the market can enter a three-wave correction. Therefore, there may be some interesting support levels to be retested before the market can move even higher. The support for the next ABC drop can be around from broken swing higher or at red wave (iv) support.

Grega

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