Seeing that the XRPBTC chart is still hovering around its support levels, XRP continues to follow Bitcoin’s price action.

These are XRP's share of candlestick patterns across higher timeframes as source for my bias:

Daily Candle (Previous Close): Green Long Lower Shadow

I cannot find valid monthly and weekly FVGs. XRP’s chart has too much market noises through the many wicks found both on the upside and downside price actions! Too much liquidity drawn especially across the lower timeframes.

Fortunately, I found 2 interesting 1H FVGs and price at the time of writing is hovering these areas and by this, I like to make some risk trade plan for today.

The entry point for a long position is just a little above the lower 1H FVG territory. Setting the buy stop below yesterday’s swing low. I am looking forward for a 2 to 1 setup only if price recovers on today.

Weekly candle is still bearish and I just want to mitigate possible losses for the day in case the lower 1H FVG cannot withstand the selling pressures.

XRP Intraday Analysis and Trading Plan For January 24, 2024

Jan 24 2024

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