Ripple is a distributed financial technology allowing banks to efficiently settle transactions in real-time. XRPUSD is the native currency of the Ripple network traded against the US Dollar.
The near-term view is suggesting that the bigger correction against all-time low unfolded as triple three structure where wave w ended at $0.2465 low, wave x bounce ended at $0.7913 high, wave y ended at $0.1763 low, second wave x ended at $0.3463 high and wave z completed at $0.1104 low. And with this, Ripple completed the biggest pullback in wave ( II). Up from there, the rally higher took place as 5 waves impulse structure where cycle degree wave I ended at $1.9669 high and doing a pullback to correct the cycle from March 2020 lows within wave II. The internals of that pullback is unfolding as Elliott wave triple three structure where wave ((W)) ended at $0.6510 low. Wave ((X)) ended at $1.4162 high and wave ((Y)) ended at $0.2870 low. Down from there, wave ((XX)) ended at $0.9445 high and wave ((Z)) remain in progress looking to retest the March 2020 lows before it can resume the upside.
XRPUSD Daily Elliott Wave Chart 11.05.2024
