XRPUSD, Builds Key Channel-Formation, Considerable Steps Ahead!

Hi my friends,

Welcome to this analysis about XRPUSD, we are looking at the 1-hour timeframe perspective. These times XRPUSD is showing some interesting signs within the established structure as it somewhat recovered from the downside price-action shown up nevertheless the bearish perspective should not be kept by side in any case here as there are strong resistance layers still existing and XRPUSD can show up with bearish continuations when the coherent developments show up next times, therefore I detected all the meaningful levels and likely outcomes we should consider with XRPUSDs current structure and its ongoing destinies ahead.

When looking at my chart we can watch there XRPUSD building this major ascending-channel-formation marked in blue in my chart which managed to move above this important descending-trend-line in grey and also formed the coherent wave-count within the structure where it already completed waves A-D, currently XRPUSD is about to come up with the final wave E of the wave count which will complete the whole wave count and this final wave E will directly run into the strong resistance-cluster lying higher in the structure marked in my chart in red where several resistances coming together consisting of the upper-boundary of the channel, the Fibonacci-resistance and also horizontal resistance lying there formed by past price-action, all these factors indicating a bearish pullback to establish when XRPUSD visits this cluster, this pullback will firstly move on to test the lower boundary of the channel and also the 35-EMA lying there marked in my chart in red, these two levels are important bullish reference-points here because when XRPUSD increases with bearishness and moves below them this will increase bearish price-action and complete the channel-formation as a bear-flag.

For now XRPUSD has still strong bearish possibilities to show up next time as there did not came a solid bullish confirmation yet this does not mean XRPUSD is completely bearish on the long run it can also mean that the accumulation goes on within the lower levels before marking up. It is from high importance to differentiate the structure from other cryptocurrencies, as the major Bitcoin recently mad an all-time-high there are other cryptocurrencies like XRPUSD still looking more bearish on this perspective, this can be a possible approach to an arbitrage entering the market both on the long and short side, in any case, we should not just overspeculate the whole market in one direction only as it is happening too often.

n this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"The eyes only see what the mind is ready to comprehend."

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