Volatility has striked out my XRP analysis created last week ended in a stop loss after a disgusting news that Chris Larsen, Ripple Co-Founder, confirms his XRP wallet worth of $112M got hacked and laundered across different major crypto exchanges.

This hack may be one of the primary reasons behind the price dump besides the Fed interest rates remain unchanged and an overall neutral FOMC Chair speech.

In my long observations in the crypto markets since 2019, I personally smell something fishy on the recent incident and it seems to me it’s price manipulation behind the curtains. Big boys always create FUD first in the XRP markets kicking out may retail traders before the next move.

Meanwhile, Bitcoin’s price stabled within the narrow weekly $42-43K. On the other hand, both the XRPUSD and XRPBTC prices have printed fresh weekly swing lows. These two charts have three consecutive technical bearish weekly candles and if support levels on these areas cannot hold will bound for a more price drop. XRP still following Bitcoin’s price action and the former is still subject for more dropping if the latter does so.

These candlesticks pattern may explained thoroughly here:

https://www.investopedia.com/terms/t/three_black_crows.asp

https://www.finlogix.com/analysis/20240124/xrp-intraday-analysis-and-trading-plan-for-january-24-2024

Re-assessing XRP’s high timeframe candlesticks:

Monthly Candle (Previous Close): Red Body

Daily Candle (Previous Close): Red Long Lower Shadow

Both the Yearly and Monthly candles still printing Red Body. Previous weekly candle closed in Red Long Lower Shadow while current is a Medium Spinning Top. The daily candle close is a Red Long Lower Shadow as well. An overall bearish price action and down trend continues.

Today is the first day of February, a new monthly candle opening so I will observe first a re-test on yesterday’s low where I set a buy setup. A false breakout has occured yesterday and the $0.50 mark is still offering support unless we end the current weekly candle below it.

The long entry will be set in mid $0.49ish and stop loss below the latest swing low. Our profit target is the nearish 4H FVG depicted on my chart. Price at the time of writing is already hovering in the discount array when we connect the swing high and low this week and a viable buy position.

XRP Intraday Analysis and Trading Plan For February 1, 2024

Feb 01 2024

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