Welcome to this analysis about XRPUSD, we are looking at the 2-hour timeframe perspectives, the recent events, the established formational structure, what we can expect in the upcoming times, and how to possibly handle the situation. Since XRPUSD showed up with its expected bearish pullbacks to the downside since it pulled back from the 0.36 level to the downside as suggested, if you did not see this analysis already I highly recommend it to watch, XRPUSD has now formed a formation that can indicate a potential reversal in the structure when XRPUSD shows up with the proper price-actions in the schedule, therefore I detected all the important levels and likely outcomes we should consider here.
Structural Developments: As when looking at my chart now we can watch there XRPUSD is about to develop this massive descending-wedge-formation marked in my chart in blue, furthermore, XRPUSD has established this coherent wave-count within the wedge-formation already completing waves A to D in the structure and the final wave E remaining that will complete the whole wave-count, besides these factors XRPUSD has some good supports lying lower in the range marked in my chart with the blue box between 0.226 and 0.236 where XRPUSD has also the volume-profile point-of-control lying increasing the possibility for a bounce to the upside when XRPUSD moves into this level upcoming times.
Upcoming Perspectives: Taking all these factors into consideration XRPUSD is trading in a structure where it will form a reversal sooner or later, this reversal will fully complete and increase potentials when XRPUSD finalizes the whole wave-count within the wedge and bounces from the lower supports when such price-action emerges it will complete the wedge-formation and point to higher levels to be tested which will finally happen when XRPUSD manages to close above the 200-EMA sustainably which is marked in my chart in red, with XRPUSD moving above this level we can expect the upper resistance-zones to be tested, it is important then to note that this will firstly be a test as there are still strong resistances lying XRPUSD needs to confirm the further continuations properly.
In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best! "The high destiny of the market is to explicate rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
@FieryTrading, Thank you and thanks for sharing, interesting view.
pensador84
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Good Analysis. It's still a possibility we could test the 11 cent low in March 2020. Not ruling it out.
The longer it stays sub 35 cents the more likely it will test the 20 cent market and potentially 17 then 11 cent mark.
Pretty clear analysis in line with what I have currently projected to happen. Seems like xrp has to overcome alot of supply in the upper 30s for now.
VincePrince
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@pensador84, It will be seen how this dynamic develops, yes the major resistance is within this level and also matching with the EMAs lying there. Greetings.
RobRobin
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Crucial week for XRP...despite the detailed analysis there are still too many things going on this week to consider XRP merely from a TA standpoint.
VincePrince
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@RobRobin, Always important to see the whole dynamics with different branches included.
RobRobin
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@VincePrince, Let's see how this whole thing will play out. It's possible that traders will increase buy orders because of the ban or the opposite or none of them...
FlowersFor
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Nice chart.
I was hoping XRP hit 0.36$ 1-2days, but over a week?
VincePrince
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@FlowersFor, Thank you, possibly we see the pattern forming before. Greetings.
VincePrince
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