XRPUSD, Setup For A Continuation Ahead Upcoming Times!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at XRPUSDs 1-hour timeframe perspective, the recent events, the current formational structure and what we can expect the upcoming times. The cryptocurrency market divergence is increasing this is why it is so important to assess the different coins individually while Bitcoin made already higher-highs XRPUSD is in a sideways movement and possible bottom-building on the higher timeframes, this is why it is necessary to recognize these differences between the currencies to elevate what is possible on the short-side and what is possible on the long-side as we have done it already, such thoughts playing into a possible arbitrage and as the cryptocurrency is not the same like back in 2017 where just everything moved into one direction this approach does not lose sight in today's market environment, it is the contrary, it becomes more urgent and meaningful.

As you can watch when looking at my chart XRPUSD just made the strong bearish breakdown below the preliminary important ascending-trend-line marked in red which is now an ascending-resistance-line, for now, XRPUSD found some marginal support within the 200-EMA in grey and the ascending-trend-line marked also in grey lying there, above these levels XRPUSD is building a setup to possibly continue with the bearish pace which is a broadening wedge setup marked in my chart with the waves A-D where the wave A already completed and XRPUSD now moves on with the next wave B and after that the continued waves till the wave-count has finished which will most likely happen within the Upper-Fibonacci-Resistance marked in red in my chart between the 50% and 38.2% Fibonacci-levels, this is a strong resistance zone where XRPUSD it is highly possible to get a pullback firstly in the structure.

When XRPUSD pulls back within the Fibonacci-Resistance-Cluster as expected it will firstly continue to the ascending-trend-line marked in dashed grey, when this trendline does not hold, which should not be kept by side here, XRPUSD will continue with the bearish pressure till the contemplated-support-zone marked in my chart in blue is reached, in this support-zone also the point-of-control from the volume-profile is lying, taking into consideration a possible stabilization in this zone, nevertheless, this stabilization will be crucial as when XRPUSD increases with bearishness it will continue when moving below this level as this is the important reference point of support, when XRPUSD manages a stabilization within the contemplated-stabilization-zone this can also show up with a possible continuation and bullishness on the higher timeframes, for now, it is important to be prepared for the next bearish wave and look what comes after it.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”

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