XRPUSD, Triangle-Formation That Can Alter The Whole Dynamic!

Hi, welcome to this analysis we are looking at XRPUSD 1-hour timeframe perspective, as the dynamics in the cryptocurrency markets showing some stabilization since the bearish breakdowns we need to consider when a solid back-up can be formed, in this case, XRPUSD is forming some interesting signs at the moment as it is moving in a major ascending-triangle-formation marked in my chart, such formations are known to break out to the upside as this is the preferred direction in these cases, sometimes such formations can invalidate to the downside, in this case however the trend needs to gain strength in speed and volatility and this is currently not given with XRPUSDs downside movements, to the formation there comes also a coherent wave-count in which the pair currently forms the second major wave B running into the remaining resistance and can be origin for the wave C to the downside.

Overall it will be the best when XRPUSD shows up to complete the whole wave-count to form the solid breakout and confirmation of the ascending-triangle-formation, therefore it is important that XRPUSD holds the blue ascending trendline marked in my chart where also the wave E can end, when XRPUSD bounces in this level and moves on above the upper boundary of the triangle it will provide the proper confirmational setup to enter conservative as it is marked in my chart, there is the possibility given to enter immediately, however, this is not the best option, in this case, the smartest way will be to wait on proper confirmation before entering into the market appropriately, traders should decide according to individual risk preferences. When XRPUSD shows up with the proper breakout and confirmation this will activate targets in the higher levels.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.