XRPUSD, Possible Formation Building, Here Are Important Levels!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at XRPUSD 1-hour timeframe perspective, XRPUSD is showing some interesting signs at the moment, while other cryptocurrencies showing more indecisive movements XRPUSD is building a possible formation I detected in this structure which can provide the further outcomes and movements of this coin, in this case, it is important to not get overly speculative as this is happening too often these days, therefore we should wait on proper confirmations as bitcoin for example also did not yet confirm anything in its current range.

Looking at my chart you can watch there XRPUSD building this possible descending-triangle-formation with the upper and lower boundary marked in blue and already touched severally, such formations normally confirm to the upside stating a reversal and bottom building, however, to confirm this formation it is the best when XRPUSD manages to complete the wave-count marked in purple in my chart and to move above the upper boundary with a decisive volatile bullish move, such movements can confirm the descending-triangle rightly and point to a high possible continuation.

Such formation can be traded either aggressively with immediate entry or conservative with entry after the confirmation has occurred, although the aggressive entry is also possible here, the conservative one will be much smarter and should be preferred, considering the conservative entry you can watch the setup for it marked in my chart with the best possible move in a pull-back and confirmation of the upper boundary, when this happens XRPUSD will highly likely continue, otherwise the formation can still invalidate which will happen when XRPUSD does not confirm the bounce from wave-count and falls below the lower boundary, however, this scenario is currently highly unlikely.

Currently, we see the divergences between the individual coins coming to the surface, where we have setups like for example in ethereum or eos which looking somewhat more bullish than bearish while others still struggling, these mechanisms also showed up in the last declines while some currencies consolidating in the ranges there were others providing heavy down moves. Such movements playing into the theory that spread and divergence between the coins increases and that it is better to look for the high possible setups rather than to just take the whole market into one direction.

In this manner, thank you for watching, support for more market insight, good weekend to you and all the best!
"If you have the conditions, you get the results."

Information provided is only educational and should not be used to take action in the markets.