VincePrince

XRP, This Formational Structure Can Fetch A Determined Breakout!

BITSTAMP:XRPUSD   XRP / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this analysis about XRPUSD, we are looking at the weekly timeframe perspectives. As XRPUSD has shown up with these bearish pullbacks after marking the high at the 1.8 level I discovered some interesting formational structures XRPUSD has developed here that can lead to determining breakouts ahead in the upcoming times. Therefore it is necessary to elevate what is possible and what not and especially to keep patient for the final completion of the formational structure. When this happens and the formation completes it can lead to some great developments ahead in the upcoming times, it will be an interesting development.

Structural Developments:
As when looking at my chart we can watch there how XRPUSD has this major horizontal support marked in blue within the 0.654 level in which it already bounced several times in past price action and now recently already done similarly. Furthermore, XRPUSD has established this massive descending-wedge-formation which in almost most occasions is a bullish reversal-formation that when completed can lead to determining breakouts and continuation-movements. A good sign is also that XRPUSD is holding above the 35-EMA in red here from where it has the ability to build up especially combined with the lower boundary of the wedge-formation and the horizontal support this is building a solid base.

Upcoming Determinations:
Taking all these factors into consideration now XRPUSD is in a structure in which some great potentials lying. In this case, now it is necessary that XRPUSD shows up with the right price-actions ahead of the upcoming times. Therefore, to complete the formation finally XRPUSD needs to breakout above the upper-boundary of the wedge-formation and close there which will confirm the formation finally and will be the setup for further continuations to the upside. It has to be noted that this formation can also invalidate when XRPUSD increases bearishness and pushes below the given support however as the support-structures here are just too strong this is an unlikely scenario to elevate.

In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day as well as weekend, and all the best to you!
"Good luck is when opportunity meets preparation."

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

Thanks for your analysis. Are you bullish or bearisch. Next Target 0.4$ or 0.9$?
+2 Reply
VincePrince ozzyman2
@ozzyman2, Thanks a lot, as mentioned when the supports hold and the formation completes it will lead to an initial rally.
Reply
Great work my friend!
+1 Reply
VincePrince AtlasTrades
@AtlasTrades, Thank you my friend!
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GO BACK and look at Vince's June 05 posting of XRP! over 17 days ago ! Guess What he is EXACTLY on target with his pricing forecasts today ! .55 - .65 . Rockstar stuff. Also check out all the Heckling and Nay Sayers in his comments on that day! What are they saying now?? Crickets! Apology any one. How that crow and humble pie today!?? KEEP IT UP VP. When you know you KNOW! You Rock!
Reply
So based on your analysis.... it's most likely to depreciate more?
Reply
0.30 is more interesting ...
Reply
VincePrince ScreenMaker17
@ScreenMaker17, Interesting view
Reply