Welcome to this analysis where we are looking at XRPUSD 12-Hour Timeframe Perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. XRPUSD has formed a huge bottoming formation were it now shown increased bearishness in the structure visiting lower levels which does not mean XRPUSD is completely as this can just be an extended bottoming where XRPUSD needs to confirm the important layers of support to complete the whole bottom, nevertheless it now moved below the lower boundary of the ascending-channel-formation where the establishment should not be underestimated, therefore I detected all the important levels and likely outcomes we should consider at the moment looking at XRPUSDs structural developments.
Looking at my chart you can watch there XRPUSD now clearly below the lower boundary of the massive ascending-channel-formation marked in blue besides that XRPUSD marked below the 200-EMA in red which was an important reference-point previously, currently XRPUSD found some marginal support within the 0.233 level as it is marked in my chart in blue, this support is the last reference-point for bullishness as XRPUSD will continue to the downside when it moves below. The next times we can expect the minor rally forming the wave C in the structure which will directly lead into the resistance-cluster marked in red where not only horizontal resistance is lying but also the 200-EMA and 100-EMA resistance coming together with the lower boundary and forming this strong resistance-cluster where a pullback and continuation is given.
When XRPUSD shows up with the more likely pullback with the origin within the resistance-cluster it will firstly move on to test the remaining support within the 0.233 level as already mentioned, when XRPUSD does not manage to bounce within this support and form a substantial reversal here it will continue bearishly when falling below and extend the wave C of the major wave-count. This structure is differential to the major bitcoin as XRPUSD is farther away from the previously established highs, this is very important to distinguish here as the cryptocurrency market is increasing in divergence as the market is not what it was back in 2017, the next times it will be important to watch how XRPUSD reacts into the resistance-cluster and how the pullback establishes from there, it will be definitely an interesting development.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.