VincePrince

XRPUSD, Trading Within The Channel, These Are Next Steps!

COINBASE:XRPUSD   XRP / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this analysis where we are looking at XRPUSDs 1-Hour Timeframe Perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. In comparison to the rest cryptocurrency market XRPUSD is trading within a differential structure, where other cryptocurrencies looking rather bearish and ready to move on further with the bearishness XRPUSD has formed somewhat of a consolidational range where it is now showing the next steps within before a decisive breakout either to the up or downside can take place, of which the upside breakout is the more likely one at the moment, therefore I detected all the important levels and likely scenarios we should consider at the moment.

Looking at my chart you can watch there XRPUSD is moving in this preliminary descending-channel-formation with the upper and lower boundaries marked in blue, besides that XRPUSD has formed a coherent wave-count which already touched the boundaries and completed A-C, currently XRPUSD is setting up to form the wave D and already tested the middle-line-resistance of the descending-channel-formation. When XRPUSD manages to move above this resistance the wave D is likely to emerge and move into the upper boundary which can be the origin of the final wave E which will lead into the lower back-up-cluster where the possibility for a back-up is given, here it is from high importance that XRPUSD really manages a solid bounce from the level. The next times will be important how XRPUSD manages to develop further in the structure and how it moves on within the wave-count, the decisive price-action will come within the back-up-cluster where a bounce must occur otherwise when this does not happen and XRPUSD increases with bearishness further it can increase bearish pressure below the lower boundary again which is not the most likely scenario at the moment, however it should not be underestimated in any case.

In this manner, thank you everybody for watching, have a good day as well as good trading, all the best!
“There are many roads to prosperity but one must be taken.”

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