Welcome to this analysis where we are looking at XRPUSD, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. As already mentioned in the previous analysis XRPUSD built a major ascending-channel-formation, this ascending-channel-formation has now validated bearishly to the downside which was expected sooner or later, besides that XRPUSD completed the wave-count and moved below the lower-boundary with this strong volatile move where it is now mingling in the structure, therefore I detected all the important levels and likely outcomes we should consider with XRPUSDs established structure and the upcoming destinies ahead.
As when looking at my chart we can watch there that XRPUSD has now found some marginal support within the 65-EMA this is why we can get some up moves here which will directly run into the upper-resistance again determined by the breakout zone and when XRPUSD visits this zone again with the resistance-cluster lying there the pullback will establish highly likely which will actually form a second major confirmation of the ascending-triangle-formation. Taking all these factors into consideration XRPUSD will move on bearishly to the downside till there is support found where XRPUSD can establish a stabilization, the first important support, in this case, will be the zone at 0.54 marked in blue in my chart which is the short-term-target and a possible reversal area, when XRPUSD does not hold this level and increases with price-action further this will move XRPUSD to reach for the middle-term-target lower in the structure as marked in my chart it is also matching with the descending-trend-line.
XRPUSD has formed some serious establishments here which are likely to continue under the suggested circumstances, when XRPUSD reaches out for the lower ranges after the continued bearishness has shown up it has to be elevated how it moves on from there and if there can establish a possible reversal or more protracted pressure will move on. When XRPUSD shows up with the pullbacks in upcoming times this does not mean XRPUSD is completely as there are still some important signs on the more long-term-perspective especially since XRPUSD formed these exaggerated upside last times, it will be definitely an interesting journey ahead.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
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