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 made a pullback to correct the cycle from March last year lows within wave II. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((A)) ended at $0.9150 low. Wave ((B)) ended at $1.7635 high and wave ((C)) ended at $0.5096 level after reaching the blue box area. Near-term, as far as dips remain above $0.5096 low and more importantly above 0.0804 low then it can start the next cycle higher or do a big 3 wave bounce at least.
XRPUSD Daily Elliott Wave Chart 7.29.2021
