Welcome to this analysis about XRPUSD, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. The analysis is also a coherent follow-up to the previous one where I already mentioned this major head-and-shoulder-formation forming. As XRPUSD has shown up with strong to the downside testing the lower levels it is now in a situation where it can develop a reversal when the formation that I discovered properly completes with the right price-action within the schedule, therefore I detected all the important levels and likely outcomes we should consider within XRPUSDs established structure and the upcoming movements.
As when looking at my chart we can watch there how XRPUSD the last times has formed this descending-channel-formation to the downside, this channel-formation is marked in my chart with the grey boundaries and XRPUSD has established this coherent wave-count within the formation already completing waves A to C and now with the development of the wave D running directly into the resistance lying within the upper boundary of the channel and also the resistance by the EMAs lying there, this is why it is a likely origin for the last wave E to the downside that will then finalize the whole wave-count and move into the lower levels and levels of support to test them for appropriate stabilizations.
Taking all these factors into consideration it will be decisive how XRPUSD moves on to finalize this wave-count and then also how it reacts within this important stabilization-cluster marked in my chart in blue where several supports lying and also the meaningful point-of-control of the volume-profile with crucial lying there. When XRPUSD manages to bounce properly within this cluster this will be the source of the first confirmation with the breakout above the upper boundary of the descending-channel as it is marked in my chart, when XRPUSD after that has shown up manages to stabilize above the further this can move on to breakout above the neckline to complete the whole inverse head-and-shoulder-formation.
In this manner, thank you for watching the analysis, have a good day and of course 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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