Hi my friends,
Welcome to this analysis where we are looking at XRPUSD and its 2-hour timeframe perspective, XRPUSD is trading in a quite interesting formation at the moment, where the initial short-squeezes pushed the price to the upside where it is consolidating within somewhat of a parallel channel now, there are is some likelihood given for further alignments to the upside however there are still strong resistance layers here which have a serious impact and can be the origin of possible downswings, as many people already became completely bullish we should not overextend the still just short squeezings to the upside as there weren't any serious bullish confirmations till now.
XRPUSD Trading And Price-Action Structure:
Looking at my chart you can watch this established wave count where XRPUSD is forming the wave B within its parallel channel marked in dashes blue, this channel can be the origin for the final wave C, furthermore, XRPUSD has the resistance above in the structure measured by the descending-resistance-line marked in black which is also coming together with horizontal resistance forming a coherent resistance cluster in this range marked in red, besides that XRPUSD has this bearish-continuation-zone below the current parallel channel which means that the price will increase when it falls into that level as many stop losses will be taken off.
Outlook:
The next times will be highly decisive for XRPUSD in this structure, there are basically two possible outcomes to show up here, the first one is when XRPUSD has the strength to confirm the parallel channel firstly to the upside which will lead it directly into the resistance lying above, the second one is when XRPUSD falls below the channel into the bearish continuation zone which will put it into lower levels and bearish pressure increase, when this happens there is not a likely scenario to happen soon, both perspectives have a more bearish outlook and this is what should be considered sooner or later, it will be interesting how XRPUSD shows up with it.
In this manner, thank you for watching, good day my friends and support for more market insight.
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis where we are looking at XRPUSD and its 2-hour timeframe perspective, XRPUSD is trading in a quite interesting formation at the moment, where the initial short-squeezes pushed the price to the upside where it is consolidating within somewhat of a parallel channel now, there are is some likelihood given for further alignments to the upside however there are still strong resistance layers here which have a serious impact and can be the origin of possible downswings, as many people already became completely bullish we should not overextend the still just short squeezings to the upside as there weren't any serious bullish confirmations till now.
XRPUSD Trading And Price-Action Structure:
Looking at my chart you can watch this established wave count where XRPUSD is forming the wave B within its parallel channel marked in dashes blue, this channel can be the origin for the final wave C, furthermore, XRPUSD has the resistance above in the structure measured by the descending-resistance-line marked in black which is also coming together with horizontal resistance forming a coherent resistance cluster in this range marked in red, besides that XRPUSD has this bearish-continuation-zone below the current parallel channel which means that the price will increase when it falls into that level as many stop losses will be taken off.
Outlook:
The next times will be highly decisive for XRPUSD in this structure, there are basically two possible outcomes to show up here, the first one is when XRPUSD has the strength to confirm the parallel channel firstly to the upside which will lead it directly into the resistance lying above, the second one is when XRPUSD falls below the channel into the bearish continuation zone which will put it into lower levels and bearish pressure increase, when this happens there is not a likely scenario to happen soon, both perspectives have a more bearish outlook and this is what should be considered sooner or later, it will be interesting how XRPUSD shows up with it.
In this manner, thank you for watching, good day my friends and support for more market insight.
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
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