XRPUSD, Movements In The Range, Here Is What To Expect!

Hello Traders Investors And Community, Welcome to this analysis where we are looking at the XRPUSD daily timeframe perspective, XRPUSD made a major step with moving above the upper boundary of its descending-channel-formation and testing the neckline of the inverse head and shoulder formation it is forming also within the local timeframes if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now this was an important step in acquiring initial bullishness in the structure and confirming the bottom to be completed there are however some more important outcomes XRPUSD needs to show up with to fully validate the next continuations when considering this perspective it is always important that we keep the reverse scenarios also in mind as it is seen too often these days that the market is over speculated in only one direction this is an important factor we need to comprehend when trading appropriately in the markets, within the current XRPUSD the reverse bearish perspective has a smaller possibility nevertheless it should not be underestimated as the market can change also especially in a volatile market like it is the case within cryptocurrency.

Furthermore, XRPUSD has now rejected also on the smaller timeframes from the neckline which you can watch in dashed red in my chart, this rejection can indicate the lower levels and trendlines to be tested again for further developments this can result into a protracted accumulation phase and bottom building as it is seen in my chart a very important trendline to consider here is the ascending-support-line which is strong support already confirmed several times in the past, this trendline is the major reference-point for a bullish origin and it is from high importance that this trendline holds because when moving below it this can possibly invalidate the bullish scenario within the bullish-invalidation-zone marked in red in my chart however this is not the most possible scenario as the expected bullish breakout will occur sooner or later with a possibility of 75%, this structure differs from majors like Ethereum or Bitcoin as XRPUSD is more far away from the previous established highs which does not necessarily mean it has no good perspectives here, it can rather mean that these can show up and XRPUSD can approach its fully potential when the necessary confirmations show up within the structure.

In this manner, thank you for watching the analysis, have a good day as well as good trading and 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 market.