This Price-Action Finally Validates XRPs Determining Formation!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at XRPUSDs 6-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation in an appropriate manner. XRPUSD now more than 2 months is developing this protracted bottom-building-formation where the left shoulder and the head already formed with the extended price-action furthermore XRPUSD managed to hold above the important supports to finally emerge with the right shoulder which by the way has also a broadening-wedge within the right shoulder confirming a bullish validation ahead, nevertheless, there are some necessary price-actions XRPUSD has to show up with finally completing this strong formation, therefore I detected all the important levels and likely outcomes to consider at the moment.

Head-And-Shoulder-Formation And Broadening-Wedge:
When looking at my chart you can watch there XRPUSD has completed the final wave E of the broadening-wedge before it showed up with this strong volatile bullish move to the upside and now testing the neckline of the head-and-shoulder-formation again, besides that XRPUSD is holding above the 100-EMA in red and above the point-of-control within the volume profile which is a very good sign. The next times we can expect XRPUSD to pullback and visit the volume profile point-of-control and the 100-EMA again to confirm them as proper support before moving higher from here, in this case, it is really important that XRPUSD does not fall below the volume profile and 100-EMA again because this can possibly invalidate the whole formation.

Upcoming Perspectives:
XRPUSD now is in a situation where it has to show how it manages to complete the whole right-shoulder and show up with the proper bounce within the suggested support-levels, when XRPUSD manages to build such price-action this can finally confirm the two major formations with a close above the neckline before moving on as it is marked in my chart. The whole mechanism can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive immediate approach is also possible here the conservative one will be much better as it will point to the final setup like it is marked in my chart, traders have to decide according to individual risk-preferences.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, 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 market.