XRPUSD, Testing Important Level Since H-S-Formation Finalized!

Hello Traders Investors And Community,

Welcome to this analysis about XRPUSD, we are looking on the 2-day timeframe perspective, the meaningful events that occurred, the current formational structure, what we can expect in the upcoming times, and how to possibly handle these scenarios appropriately. XRPUSD has finalized its massive inverse head-and-shoulder-formation formed and build a coherent bottom within the structure, since XRPUSD formed the breakout above the neckline it has shown up with strong upside volatility and exaggeration of bullishness to the point where it is trading now and testing the still existing major-upper-resistance. The structure XRPUSD developed has still some solid potentials on the long-side nevertheless there are some important price-actions to consider here the next times as XRPUSD can firstly show up with pullbacks in the structure, therefore I detected all the important levels and likely outcomes we should consider at the moment.

When looking at my chart we can watch there XRPUSD currently tests this major-upper-resistance marked in red within the 0.5508 level where XRPUSD already formed and was origin of strong bearish pullbacks to the downside, XRPUSD currently tests this level anew and it is still strong resistance not to be underestimated here, this is why a pullback showing up next times is likely which can develop as it is marked in my chart. The bearish pullback is likely to continue till there is proper support found that can reverse the whole dynamic anew and where XRPUSD can manage to stabilize setting up for the next test of the major-upper-resistance, this is likely to happen within the back-up-cluster marked in blue in my chart where several supports coming together consisting of the, the 150- as well as 250-EMA and horizontal support lying there overall making this back-up-cluster highly possible for a solid bullish bounce to the upside. The upcoming times will show how XRPUSD manages to bounce within the back-up-cluster after it has shown up with the bearish pullbacks, when XRPUSD manages to show up with some strong bullish volatility this can lead to a test of the upper-resistance and possible breakthrough when the bullish price-action is strong enough.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
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Information provided is only educational and should not be used to take action in the markets.