Welcome to this update-analysis looking at XRPUSD 1-hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times in XRPUSDs destiny and outcomes. Since lastly XRPUSD severely bounced at the blue back-up-cluster mentioned in my analysis where XRPUSD has still some solid support forming of the lower boundary of its current ascending-channel-formation if you did not see this analysis already I highly recommend you watch it by going on my account. Now as XRPUSD testing this level there are some important factors we should consider at the moment which I detected are likely for XRPUSD to fulfill, what is important here is that we see the divergence between the XRPUSD and the major bitcoin as the major bitcoin has shown gains to the upside XRPUSD is clearly a weaker pair at the moment, this holds true not only for XRPUSD also for other meaningful pairs within the cryptocurrency space.
Looking at my chart you can watch there XRPUSD now bounced at the back-up-cluster in blue and the lower boundary which is firstly a good sign, furthermore, this level needs also really to hold because when XRPUSD does not manage it price-action will increase bearishly below the lower boundary into the immediate-bearish-breakdown-zone marked in my chart in red, when XRPUSD manages to hold the level now and gains some more to the upside it can move on to test the higher boundary anew this will happen when XRPUSD closes above the 400-EMA marked in green where it has room to move higher, when this happens XRPUSD can form the next wave-count leading into the final short-zone, in the bigger picture XRPUSD still has a more outlook as the huge ascending-channel-formation can result in a bear-flag when XRPUSD just moves below the lower boundary and continues there, nevertheless for now it can still test some higher levels as mentioned.
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.