XRPUSD, Within The Range, Opportunity In Sight!

Hi Traders Investors And Community, Welcome to this update-analysis where we are looking at XRPUSD 6-hour timeframe perspective, since XRPUSD managed to bounce properly from the back-up-cluster and from the 1000-EMA support as suggested I detected some other interesting conclusion which added up to the current situation establishing here, if you did not watch the analysis already I highly recommend it to watch to have a full-depth-overview. XRPUSDs situation should definitely be distinguished from the majors like Ethereum or Bitcoin which are forming other formations, this fact is underlining the theory that the divergences between the individual currencies are increasing and that it is a smart option to look at the ones with the best setups and possible opportunities upcoming, therefore I detected all the important levels and possible outcomes we should consider with XRPUSD here.

Looking at my chart you can watch there that XRPUSD now clearly bounced from the back-up-cluster above the point of control within the volume profile which is an important reference point here signaling a point where much volume is lying and therefore either support or resistance, in this case it is solid support as XRPUSD bounced above it and will have a hard time to go below this point, now in the higher sense this can just be the origin of the major wave E which can complete the wave-count already established within the ascending-channel-formation, this wave E will fully confirm when XRPUSD manages to close decisively above the 200-EMA marked in green in my chart which it already tested and confirm it as support, when this happens as expected it will provide the proper entry-setup to be traded on the long-side with the final wave E to be established ending in the higher levels.

The next times it is important that XRPUSD manages to move properly above the 200-EMA and to close there, this whole mechanism can be traded either aggressively with immediate entry or conservatively with entry after confirmation, although the immediate entry is also possible here the smartest will be the conservative to wait on the confirmation above the EMA before entering the trade. Overall it is important that XRPUSD stays within the channel to complete this mechanism and do not fall below the lower boundary however when taking all the important supports lying there into consideration a breakout below the lower boundary and invalidation is currently not the most likely scenario to be expected, in this case it will be interesting how XRPUSD manages the final wave E establishment and how it will react then in the upper resistance-cluster after this.

In this manner, thank you everybody for watching the analysis, feel free to support, have a good day, good trading and 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 markets.

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Initial Analysis: