XRPUSD, Moving In Decisive Channel, These Are Important Levels!
Hello Traders Investors And Community, welcome to this update-analysis looking at XRPUSD 4-hour timeframe perspective, the recent events, the current formation, what to expect next times and how to possibly handle upcoming situations appropriately. Since last time XRPUSD developed its expected lower low which confirmed at the 0.257 level and bounced there validating support at the 300-EMA, this was an preliminary important move in this structure and it is serving as a reference point for the current little rallies we see in XRPUSD, the important question now is if XRPUSD manages to move above the upper boundary of its descending-channel-formation or if it firstly continues with its downward movements before the channel is confirmed properly to the upside. In this case, I detected the importance we should consider in the structure at the moment to anticipate further outcomes in the right manner.
Looking at my chart you can watch the established descending-downtrend-channel marked in black where the price is consolidating and already touched several times the upper and lower boundary, what is important to note here in this structure is the clean bounce from the 300-EMA marked in orange where XRPUSD has still strong support lying and a high possibility to bounce again when touched in this area. Taking these factors together XRPUSD is building a triangular-cluster consisting of the upper boundary of its channel and the 300-EMA, the triangular-cluster is marked in orange and it will serve as a breakout point either to the up or downside, by the fact that the descending-channel will confirm sooner or later to the upside and with the strong 300-EMA support here a breakout to the upside is more likely currently as the one to the downside, concretely it can happen with a 65 % possibility compared to a 35 % possibility.
In this manner, thank you for watching, support for more market insight, all the best!
Information provided is only educational and should not be used to take action in the markets.