XRP/USDT: Bullish Elliott Wave Analysis 1D (Jul. 29)

X Force Global Analysis:


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In this analysis, we analyze XRP's daily chart through bullish patterns and Elliott Wave analysis.

Analysis

- To begin with, XRP has broken out of a bullish descending wedge
- After having formed Elliott Impulse Waves (12345), Prices started consolidating as it formed Elliott Triangle Waves (ABCDE)
- Since it has broken out, it seems as though prices are forming an impulse wave pattern once again
- Using Fibonacci retracement and pattern analysis, we could expect the breakout to lead to 0.265 USDT
- The Relative Strength Index (RSI) is at overbought territories, but shows tremendous trend strength
- The Moving Average Convergence Divergence (MACD) also shows increasing bullish histograms as a sign of strong momentum.

What We Believe

We believe that XRP is on its way to complete the breakout pattern from the descending wedge, and given that it provides further confirmation of a potential bullish rally on the longer time frames, we could even expect potential new highs.

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