XRPUSD, Move Beyond Boundary, Here Are Important Level Now!

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at XRPUSDs weekly timeframe perspective, the events which occurred and cause an alteration in price-structure, what we can expect from XRPUSD the next times and how we can handle the situation in order to take appropriate action when necessary. The significant resistance which XRPUSD had in the upper boundary of its small-descending-channel and the 20-EMA was now taken out by the pair with a healthy move upwards and above horizontal resistance which it has also in the smaller timeframes, this was an important step in the whole structure to provide a bullish follow-up and suggest a possible continuation of this pace.

As you can watch when looking at my chart is that XRPUSD now moved beyond resistance with consecutive upside candles where it has definitely some more room to move to test the upper boundary of its big-descending-channel marked in blue. As this falling resistance is still a solid resistance which confirmed several times to the downside in the past the possibility is within the likelihood spectrum that XRPUSD confirms this boundary another time as resistance before a possible breakthrough can be considered. Therefore a smaller when not bigger correction can affect XRPUSD where it is important to hold the range between 0.26 and 0.224 as solid support because when it not does it can cause bearish pressure with a close below support.

Overall XRPUSD is showing some interesting potential to possibly take out the huge descending-channel-resistance but this, however, needs to be confirmed with a protracted move beyond it as there is still meaningful resistance at the 0.275 level established by lows in the previous price-action as you can watch it marked in my chart in red, therefore it is from high importance that XRPUSD does not fall back into the bearish environment and established a healthy correction to move above the resistance. But when it does XRPUSD can show significant upside potential depending on the pace the confirmation occurs this can lead to higher levels and finally a possible bullish confirmation also on the middle-term and long-term, till then the market is still in unconfirmed status.

The situation is a situation where XRPUSD has to show if it can hold the established bullishness and move beyond resistance which was so important or if it increases with bearish pressure and closes below the support, although the bullish breakout scenario is more possible currently the bearish one should not be kept aside as the market can still show this also when corona increases again which can cause bearish down moves affecting all global markets similar to those seen in March this year. Therefore it is highly principal to keep also the reverse perspective in mind to not get overwhelmed by changed circumstances, in such situations the best thing is to secure positions which we successfully did in the elite channel or stay on the sidelines and wait on the next market moves because it makes no sense to catch trends which already trading in critical conditions in smaller timeframes which can also go up to higher timeframes, this means to not get overly speculative and consider the situation accordingly by where the real opportunities and possibilities lying as this is happening fewer and fewer these days.

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