Welcome to this analysis about XRPUSD, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect with its upcoming destinations. The last times XRPUSD showed up with these strong bearish moves to the downside after it confirmed the upper-resistance as expected this was the initial movements awaited and also matching to the other determinations, besides that I discovered other significant signs we should consider here, therefore we are looking at all the important levels and likely outcomes within the established structure and the destinies ahead.
As when looking at my chart we can watch there XRPUSD is trading within this major descending-channel-formation marked in my chart in blue, besides that XRPUSD formed this coherent wave-count within the formation where it already completed waves A to C and is now about to form the wave D within the structure, this wave D is about to run into the strong upper resistance-cluster marked in my chart in red where several resistances coming together, when XRPUSD moves into this cluster it will likely show up as an origin for the final wave E which will complete the whole wave-count. This final wave E will move into the lower levels where XRPUSD has meaningful supports lying marked in my chart with the blue back-up-cluster, this level will be extremely crucial as XRPUSD needs to hold it and bounce from there sustainably to show up with the further conclusions when this does not happen and XRPUSD moves below the boundary this will invalidate the more likely bullish breakout scenario which will show up when XRPUSD finally manages to bounce within the cluster and after this form the breakout above the upper-boundary to close there and determine the next measurements.
It can not be passed away that XRPUSD can show up with great potentials when the right price-actions show up and when XRPUSD finally manages to form the breakout above the boundary as suggested this will lie ground for further bullish continuations as XRPUSD did before and testing of higher levels. At the current situation as traders, it is necessary to keep patient to do not overspeculate the market and wait for the proper opportunities to enter the market without rushing into trades that do not have the satisfying effect, therefore we need to be prepared on when the right validations show up to take the appropriate action and do not get overwhelmed by circumstances, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis, have a great day and weekend, 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.
How do you think the Spark token airdrop will affect things on the 12th, since it's tied directly to how much XRP you have in your account at the time of the drop?
leonbamberger5
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@jimejim it’s probably going to drop tmmw or the 11th then boom on the 12th!
jimejim
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@leonbamberger5, Yeah, I think it's going to be a rollercoaster few days when that hits since it'll probably rise a bunch and then people will drop out afterwards, so we'll have to see where it lands.
leonbamberger5
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@jimejim, you don’t think it’s going to drop before though ?
jimejim
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@leonbamberger5, I'm not really experienced enough to say, to be honest. :) I"m still learning, but it's been hanging around $0.58, so I wouldn't be surprised if it follows this chart pattern and drops, and then the 12th will probably throw things back up.