XRPUSD, Trading In Channel, Crucial Outcomes To Consider!

Hello Traders Investors And Community,

XRPUSD is since a long time trading within the sideways range between 0.22 and 0.265 where it is forming some highly interesting price-action, as the cryptocurrency divergence is increasing it is important to assess the differences between the certain coins, therefore XRPUSD has a high divergence to for example Ethereum or Bitcoin which already made new highs, therefore it is important to consider these and trade then accordingly either on the long or short side, in this case, I detected the important levels and outcomes we should consider with XRPUSD currently.

Looking at my chart you can watch there XRPUSD now approaching the strong 500-EMA resistance marked in blue which is also matching with the upper-boundary of the channel-formation XRPUSD is trading in, besides that Ethereum is forming this coherent wave-count with the waves A-C already completed and ending within the upper-resistance that can be a good origin for the next wave D to the downside which will move into the lower boundary and the blue back-up-cluster lying there where the final wave E can establish to test the upper-resistance marked in red, when XRPUSD forms this final wave E and moves into the upper-resistance this can be the final move before the channel-formation confirms as a bear-flag, this will happen when XRPUSD shows up with the final bearish price-action below the lower boundary and the continuation to the downside, when this price-action shows up XRPUSD will continue till the red point-of-control of the volume-profile where stabilization can be possible and it has to be elevated how XRPUSD develops there.

The next times will show how XRPUSD trades further within the channel-formation and how this channel can possibly confirm as a bear-flag, this bearish perspective should not be underestimated here in any case as there are still strong resistance layers lying that can be the origin for another wave to the downside, the whole structure looks differentially to for example Bitcoin or Ethereum as it is certainly more bearish than bullish and likely to continue under the suggested establishments, therefore we should be prepared on possible trend changes here.

In this manner, thank you, everybody, for watching, have a good day as well as 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 market.