Welcome to this analysis about XRPUSD, we are looking at the 45-minute timeframe perspective, the recent events, the current formational structure, what we can expect the next times, and how to possibly handle the situation. When trading within the markets it is always necessary to search for the best possible setups in one asset-class where the formations differ in order to take the appropriate action after the right confirmations have shown up within the schedule. Currently, XRPUSD is forming an interesting formation that can approve worthwhile from a trading-perspective when it completes with the validation price-action, therefore we are looking at all the important levels and likely outcomes.
As when looking at my chart we can watch there XRPUSD is forming this major ascending-channel-formation marked in my chart in black where it already completed this coherent ABCDE-wave-count within the formation and after moving into the 0.368 level anew showed up with a pullback from there as it was still resistance. Now XRPUSD moved into the lower boundary of the formation and tested it this means when bearishness increases further here and the boundary does not hold sustainably XRPUSD will complete the formation as a bear-flag when moving below the lower boundary, such price-action will also activate the downside targets within the structure and point to a continuation.
The next time it will be highly important how XRPUSD completes this formation and how it moves on further from there, especially how XRPUSD reacts within the lower supports and the targets lying there. This formation can be traded either aggressively with immediate entry or conservative with entry after the full confirmation validation has shown up, although the aggressive approach is also possible the conservative one will be much smarter as it will point to the finalized setup, traders need to decide according to individual risk-preferences. When XRPUSD shows up with more bearishness here this does not mean XRPUSD is completely on a long-time-view, it has to be elevated then how the further developments will be.
In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
“Good luck is when opportunity meets preparation.”
Information provided is only educational and should not be used to take action in the markets.