Hi my friends,
Welcome to this analysis about XRPUSD, we are looking at the 30-minute timeframe perspective, the recent events, the current formational structure, and what we can expect in the upcoming times. XRPUSD since a longer time on the global perspective as well as on the local perspective is trading in a downtrend which already strongly exaggerated and protracted, now on the local 30-minute timeframe perspective, I discovered a formation that can be the determining source next times, looking at this it is from high importance to distinguish XRPUSD from other major cryptocurrencies as it has a really more edge, therefore I detected the important levels and likely outcomes here.
As when looking at my chart we can watch there XRPUSD now about to build this descending-triangle-formation with the boundaries marked in blue within my chart, furthermore XRPUSD has developed this coherent wave-count within the formation already completing waves A to C in the schedule and now we see XRPUSD about to form the next wave D moving into the lower boundary and from there highly likely the wave E that will finalize the whole wave-count and will move directly into this strong resistance-cluster marked in red in my chart from where we will see with the high possibility a pullback to the downside that will then also complete the whole formation when the bearishness moves on. Taking all these factors into consideration XRPUSD is likely to continue bearishly when it completes this formation with the move below the lower boundary and also the close there, such price-action will activate downside targets marked in my chart in blue and when they are reached can form a possible stabilization with testing of previous resistances anew.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
“There are many roads to prosperity but one must be taken.”
Information provided is only educational and should not be used to take action in the markets.