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 zigzag structure where wave ((A)) ended at $0.5096 low. Wave ((B)) ended at $1.4162 high and wave ((C)) has managed to reach $0.3108- $0.1654 area lower where buyers are expected to appear. However, as far as bounces fail below $0.9172 high some more downside is expected to take place.
XRPUSD Daily Elliott Wave Chart 1.11.2023
