This Formation XRP Is Forming Can Lead To A Possible Reversal!

Hi my friends,

Welcome to this update-analysis about XRPUSD, we are looking at the 1-hour timeframe perspective, the recent events, the current formational structure, and what we can expect in the upcoming times. As mentioned already previously XRPUSD completed this triangle-formation bearishly to the downside where it has still strong resistance layers above likely to confirm the next times however I discovered an important formation here that can lead to a reversal when XRPUSD shows up with the right price-action completing this formation in the structure, therefore I detected all the important levels and likely outcomes we should consider with XRPUSDs established structure and the upcoming destinations.

As when looking at my chart we can watch there XRPUSD has now developed this massive descending-channel-formation with the boundaries marked in blue within my chart, normally such a formation indicates a reversal sooner or later to establish when the bearish pressure does not increase dramatically. Besides that XRPUSD has formed this coherent wave-count within the formation where it already completed waves A-C within the wave-count and is now about to complete the wave D which will run directly into the upper resistance-cluster marked in my chart in red where several resistances coming together, this cluster is likely to be the proper origin of the final wave E to the downside that can finalize the whole formation. In this case, the wave E has good potentials to end within the back-up-cluster marked in my chart within the 0.499 level, when XRPUSD manages to bounce sustainably within this cluster this can show up with a good reversal and completion of the formation to the upside as it is marked in my chart.

Next times will show how XRPUSD develops further under the suggested circumstances and how it can move into the completion of the formation finally, this mechanism can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the immediate entry is also possible the conservative one will be much better as it will point the final setup like it is marked in my chart. Taking all these factors into consideration it is important to note that XRPUSD is one of the more bullish coins in the higher timeframes and especially also with the last declines while others looking more bearishly XRPUSD has some decisive bullish nuances which are important to assess considering the current situation.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.