XRPUSD, Dynamic Has Altered, Significant Considerations!

Hello Traders Investors And Community,

Welcome to this update-analysis where we are looking at the XRPUSD 2-hour timeframe perspective, XRPUSD has already confirmed the first major bear-flag to the downside as mentioned and expected now as this strong bearishness pushed the price below the crucial ascending-trend-line XRPUSD is trading in bearish terrain which should not be kept by side here, as there are important technical considerations I detected XRPUSD can unfold further in bearish pressure this is why we should be prepared for possible continuations of this strong bearishness already established. Compared to the major's Bitcoin or Ethereum the structure within XRPUSD looks very differentially and more bearishly which is very necessary to take within the next steps to assess.

Looking at my chart you can watch XRPUSD now building this major second ascending-channel-formation where it already touched the lower and upper boundary to form the waves A-B in which it is now testing the lower boundary that is likely to be the origin of the major wave C to the upside directly running into the strong resistance-cluster lying above as it is marked in my chart with the red area, in this resistance-cluster several resistances coming together consisting of the blue descending-trend-line, the red Fibonacci-resistance, the upper-boundary-resistance of the channel and also the ending of the wave-count, this is why a pullback within this cluster is highly possible in comparison to XRPUSD just moving above this cluster.

When XRPUSD forms the pullback properly in the perspective, it will first lead to the lower boundary of the channel and when this boundary does not hold and XRPUSD finally closes below the boundary with a swift bearish move this will activate lower levels and will confirm the channel as the second major bear-flag here lying ground to the bearish continuation to the downside. This whole mechanism can be traded on the short-side either with the immediate entry within the bear-flag or conservative with the entry after XRPUSD has moved below the lower boundary and confirmed the channel as the bear-flag, although the immediate entry is also possible here, the conservative will be much better, traders need to decide according to individual risk-preferences.

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.