Looking at my chart you can watch that XRPUSD is besides the head and shoulder structure also moving in this ascending-channel-formation marked in blue where it already finished a coherent wave-count to the upside not only by that but also by the resistance lying there is a pullback likely however this pullback will directly lead into strong support layers which XRPUSD has here consisted of the POINT OF CONTROL marked with the red line, the 100-EMA marked in red, the lower boundary of the ascending-channel in blue and also the descending-trend-line previously established marked in grey, all these levels building a coherent back-up-cluster here marked with the blue box in my chart where XRPUSD has some solid potentials to bounce of.
When XRPUSD manages to bounce as expected from the back-up-cluster this will be the origin of the right shoulder to be formed which will complete the whole formation with a break above the neckline marked in red. When XRPUSD shows up with such price-action there is some good room to develop. Also it is important to assess the divergence with for example coins like ethereum or bitcoin here, while they already made new highs XRPUSD kept still within the formation which not necessary is bad it can either signal that it can also follow up further when the time is ripe. Therefore it will be interesting to see how XRPUSD develops here and how the outcomes will look like.
In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.