XRPUSD, Approaches Preliminary Boundary, These Outcomes Likely!
Hi, welcome to this analysis where we are looking at XRPUSD and its 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. The cryptocurrency marked sending highly mixed signals the last times while the divergences between the coins increases, so there are coins which looking rather than and also in the reverse, for example, the structure developing in XRPUSD here looks more within other coins, these divergences are highly important to acknowledge and when its done can prove profitable in the end of the day, therefore I detected all the important levels and possible outcomes we should consider with XRPUSD in this situation.
Confirmed Head And Shoulder And Further Formation Structure:
XRPUSD has confirmed this strong head and shoulder formation properly to the downside where it has build a horizontal neckline marked in my chart in blue, this neckline is now strong resistance and by the way, XRPUSD did not reach all head and shoulder targets till now, furthermore, XRPUSD is currently forming this channel-formation marked with the grey dashed trendline which can result in a bear-flag when next proper alignments show up. In this channel XRPUSD is also forming a coherent wave-count matching with the structure and with the wave E ending directly in the resistance cluster marked in my chart in red were several resistance levels coming together, this cluster can be the origin of the next leg to the downside when validated.
When XRPUSD shows up with its wave-count-development the next times as it is marked in my chart, this can be the completion of the channel-formation into a bear-flag origin of next leg to the downside, this will show up when XRPUSD breaks below the lower boundary of the channel with a decisive volatile price-move suggestion of next levels to be reached and activation of more downside to come, this bearishness will hold on till there is solid support found which can reverse the perspective, that is, in this case, the lower support marked in my chart with the orange price level where XRPUSD can stabilize and back-up, till then the direction remains with a high possibility to the downside, here it is highly important to distinguish to other coins, as XRPUSD forming this possible bear-flag the price-action with other coins looks rather more which is an important alignment we should not keep by side here.
In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.