When looking at my chart you can see that XRPUSD just builds this huge descending-channel-formation marked with the blue channel where it currently tests the upper boundary and forms a triangular-cluster which is marked in orange together with support in this range. As XRPUSD showed some upmoves since its drop and test of the remaining support, it can build up here and move beyond the channel to confirm higher which will be a signal for more possible upside to come, otherwise when this not happens and XRPUSD increases with weakness again it can also fall below the triangular-cluster and test firstly the middle-line and EMA-structure of the channel formation before either stabilizing or moving on with bearishness.
Taking all these factors into consideration and the fact that XRPUSD has still strong levels of resistance the scenario B which you can watch marked in my chart is more possible as the scenario A because XRPUSD is also overbought on the higher timeframes the breakdown is more likely. It is important to take note that this established bearishness is currently only on the short-term but when corona increases again and other factors moving the price to the downside this can also turn out in the middle-to-long-term perspective, therefore it is important to prepare for this scenario as what rises strongly can also fall strong which the market has proved several times in the past already, therefore, we need to trade what we see and not think.
In this manner, thank you for watching, support for more market insight and have a good day!
The doors of wisdom are never shut.
Information provided is only educational and should not be used to take action in the markets