XRPUSD, Continuation Likely With These Assessments Validating!

Hi my friends,

Welcome to this analysis about XRPUSD, we are looking at the hourly timeframe perspective. Since XRPUSD has established these strong volatile bearish downside movements it is now trading in a new decisive formation that will point to a continuation when it completes within the schedule, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there XRPUSD is forming this ascending-channel-formation marked in my chart in orange with the black-boundaries, besides that XRPUSD has this wave-count that almost already completed with the waves A-E and recently pulled back within the strong resistance still lying there mainly determined by the descending-resistance-line marked in my chart in red. When XRPUSD now follows up with further bearishness and finally moves below the lower boundary of the formation as it is seen in my chart such price-action will confirm the ascending-channel as a bear-flag and will activate further bearish pressure ahead pointing to lower levels. The only thing that can invalidate this bearish scenario is when XRPUSD manages to stay within the channel and stabilize above it to finally move above the strong resistance, however, this is currently not the most likely perspective as the bearish one has a greater possibility.

The next times will show how XRPUSD moves on to finalize this formation and point to the further conclusions developing under the suggested circumstances, in any case, we should not underestimate the bearish perspective here as it is still omnipresent and XRPUSD did not yet show solid reversal signs, this can possibly happen when XRPUSD completes the flag-formation and tests lower levels for a potential stabilization.

In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"Prospect is the ingredient of good fortune."

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