XRPUSD, Bounced From Proper Level, This Are Essential Outlines!

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at XRPUSD 4-hour timeframe perspectives recent price-action-events, the importance of XRPUSDs current formation forming and finally what we can anticipate of this pair in the next times. As I mentioned in previous analysis it was highly possible that XRPUSD bounces at the 0.189 to 0.191 level which is marked in orange, this scenario has now fulfilled properly, if you did not saw this analysis already I highly recommend that you watch it when going on my account and look at it. Right now XRPUSD is showing some interesting signals at the moment which I found and considered for further price development aside from other cryptocurrencies where many still trading in bearish levels with the potential to move ahead XRP is showing some healthy signs at the moment.

As you can watch in my chart XRPUSD bounced at the orange level and formed some decent up moves since it bounced there taking out the middle-line-resistance of the descending-channel-formation and closing above it which is right now a good sign meaning it is possible that XRP goes ahead and travels to the upper boundary of this channel. Furthermore, this can be a solid bull-flag that can show upside potential when confirmed properly which will happen when XRP holds the current range, do not shows bearish signs which will invalidate it and manage to provide more bullishness to the upside when these factors are given XRP has a well-assigned potential to confirm the bull-flag and move on to test the remaining falling resistance in red and the horizontal resistance in green seen in my chart which are also matching with important resistance levels in the higher timeframe perspectives.

The fact that XRP is trading in the descending channel can provide another continuation of the consolidation with additional confirmation of the lower support marked in orange before moving up to confirm the flag, which by the way can lead to a more sustainable and stronger breakout. In this case, the further price-action can be divided into two more likely scenarios, the first is that XRP stays above the middle line support/resistance and moves on to test the upper boundary to finally form a breakout, the second is that XRP firstly moves to the downside to confirm the support level before moving up to finally set up for completion, in this case, it is highly important to hold the support because when it does not and XRP slips below the support the possibility is given that XRP confirms the flag as a false bull-flag, this possibility is currently not high but it will increase when XRP visits below this level.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
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Information provided is only educational and should not be used to take action in the markets.

Comment:

Bounced At Support.