XRPUSD, New Decisive Formation Building, Likely Perspectives!

20. Dez. 2020Hi my friends,

Welcome to this analysis about XRPUSD, we are looking at the 30-minute local timeframe perspective, the recent events, the current formational structure, and what to expect in the upcoming times. As mentioned already in the previous analysis XRPUSD also formed this head-and-shoulder-formation where it is almost already trading below the neckline and waiting for the strong move to finally confirm it, if you did not see this analysis already I highly recommend to watch it as this one additionally adds to it. What is also important to assess is that the structure within XRPUSD has more bearish components compared to the other major cryptocurrencies that have more bullish factors established, this is is why it is important to distinguish these factors and the differences between the currencies, therefore I discovered all the meaningful zones and likely perspectives we should consider with XRPUSD.

Structural Developments:
As when looking at my chart we can watch there how XRPUSD is about to form this crucial symmetrical-triangle-formation marked in my chart with the blue lines, besides that XRPUSD also formed the coherent wave-count within the formation and completed the waves A to D of the wave-count with the final wave E about to develop next times which will complete the whole formation, this wave E will run directly into the strong resistance-cluster marked in my chart in red within the upper-boundary where several resistance-zones lying. Currently, XRPUSD is still holding above the point-of-control of the volume profile however this can change swiftly into the other direction when XRPUSD moves below it. Also, the whole triangle forming here is matching to the overlying wave-count to the downside and the wave B within this wave-count as it is marked in my chart.

Upcoming Perspectives:
The next times we can expect XRPUSD to finalize its wave-count with a great likelihood to show up with a bearish pullback when moving into the resistance-cluster. When this pullback increases and finally moves below the lower-boundary and below the point-of-control, as it is marked in my chart this will give the edge for a protracted bearish continuation and wave C development as it is shown in the chart, this wave C will move on till there is support found in which XRPUSD can stabilize and reverse the dynamic, this can happen within zone marked in my chart in blue where also the significant 61.8% Fibonacci-support is lying and other meaningful support making it a zone with good potential to stabilize and back-up from there to test remaining resistance-zones again.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
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Information provided is only educational and should not be used to take action in the markets.