Welcome to this update-analysis where we are looking at XRPUSD 2-hour timeframe perspective, the recent events, the current formational structure, what are likely outcomes the next times and how to possibly handle the situation in a right manner. Since the last time XRPUSD has confirmed the channel-formation it has formed bearishly to the downside after pulling back from the resistance-cluster, this move has confirmed the formation as a bear-flag till XRPUSD tested the lower rising-trend-line which is already weakened, currently, the price-action forming here is more bearishly than and it should not be underestimated especially when XRPUSD confirms to the further scenarios, therefore, I detected the important levels and likely outcomes we should consider with XRPUSD at the moment.
Looking at my chart you can watch there that XRPUSD has bounced from the rising-trend-line where it moved on to form this wave-count and also the channel-formation XRPUSD is now trading in, this channel-formation looks very similar to the first one which confirmed already as a bear-flag, the next times we can expect XRPUSD to form the final wave C in the wave-count which will then lead directly into strong resistance layers lying above in the structure as it is marked in my chart within the resistance-cluster in red, when XRPUSD reaches this level a pullback from there is likely as there is not only coming to the falling resistance-line but also horizontal resistance and the wave-count is ending within this structure, this is why a pullback within this level is more likely to show up than an immediate breakout above it.
When XRPUSD shows up with the more likely pullback within the resistance-cluster an important question will be with which strength the pullback shows up, when this pullback is strong enough XRPUSD will move on to finally complete the channel-formation also as a second bear-flag which will lead to an increased pressure then. The finals confirmation of the channel-formation as a bear-flag will show up when XRPUSD moves below the lower boundary and below the EMAs with a decisive move as it is marked in my chart, there is a possibility that XRPUSD reverses in the structure this however is not likely at the moment and the side should not be kept by side as XRPUSD currently showing up strong signs which are just to strong, it will be interesting how XRPUSD develops further.
In this manner, thank you everybody for watching, have a good day as well as good trading, all the best!
“Trading effectively is about assessing possibilities, not certainties.”
Information provided is only educational and should not be used to take action in the market.
Is resistance to XRP a formed entity to derail the success of her existence thereby allowing a competitor an access to her domain? I see no reason for XRP to not climb to the three or four digit layer. I am viewing a very powerful outlook.