Welcome to this analysis where we are looking at the XRPUSD 2-hour timeframe perspective. In comparison to the rest market XRPUSD is one of the coins which had a massive upside exponential exaggeration and in the recent pullbacks shown up it was a coin which does not fell so heavily like for example Ethereum or Litecoin making XRPUSD still one of the stronger coins in recent times, this is why I discovered some interesting signs in the structure which are worthwhile to take a look at and therefore we are looking at the current important levels and likely outcomes wtihin the established structure and the upcoming perspectives ahead.
As when looking at my chart we can watch there how XRPUSD formed this major descending-triangle-formation marked in my chart with the blue boundaries, besides that XRPUSD has formed this coherent wave-count within the triangle with the waves A-C already completed and now XRPUSD will setup to form the next wave D in the structure as it is already bouncing within the lower-boundary of the , the ending within the upper-boundary of the wave D will then lie ground for the final wave E to emerge that will then complete the whole wave-count and can possibly develop the proper breakout and confirmation of the descending-triangle-formation, this will happen when XRPUSD manages to breakout above the upper-boundary and close there as it is seen in my chart it will also be good when XRPUSD forms a pullback to the breakout-origin to move on further with price-action from there, these mechanisms will complete the proper entry-setup as it is seen in my chart and we can expect upper targets to be reached when XRPUSD finally completes it.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."
Information provided is only educational and should not be used to take action in the markets.
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So do you think if it bounces off support, it will surpass .78 resistance level? If yes, how far do you think it could go before we get another potential buy-in opportunity i.e. pullback in price?