XRP, Holding Above Important Levels, Potential Bottom Building!

Hello Traders Investors And Community,

Welcome to this analysis about XRPUSD in which we are looking at the weekly timeframe perspective. I already determined this structure beforehand and furthermore, I discovered some worthwhile signs XRPUSD is forming here which can show up with further potentials when XRPUSD manages to form the proper price-action within the schedule. As XRPUSD has shown up with strongly exaggerated bearishness to the downside this should not be underestimated however there are possibilities given that XRPUSD manages to recover and back-up in the zone, therefore we are looking at all the important levels and likely outcomes we should consider with the structure established and upcoming movements ahead.

As when looking at my chart now we can watch there how XRPUSD bearishly moved into these lower zones of support where it is now holding above consisting of the ascending-trend-line in black and the descending-trend-line from the upper-boundary of the channel especially the 300-EMA, in this case, is a major reference-point holding the bullishness to the upside marked in my chart in black, all these factors give a good edge for XRPUSD to form the stabilization within the structure and building a potential bottom, what is of high importance then is that XRPUSD does not fall below the ascending-trend-line again because this will invalidate the potential stabilization and indicate further bearishness. Taking all these factors into consideration when XRPUSD manages to stabilize properly above these crucial levels the possibility for a bullish continuation is given when XRPUSD finally closes above the dynamic-trend-line marked in my chart in blue, with such a bounce above this important trend-line it will lie ground for further risings ahead, it will be an interesting development.

In this manner, thank you for watching the analysis, have a good day, great contentment for everybody supporting, all the best!
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the markets.