I have started creating trading analyses exclusively here in Finlogix since January 24, 2024 and made two for XRP so far. I will continue tracking.

The analysis last Thursday resulted in profit:

https://www.finlogix.com/analysis/20240201/xrp-intraday-analysis-and-trading-plan-for-february-1-2024

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

Re-assessing XRP’s high timeframe candlesticks:

Yearly Candle: Last check was a Red Body now a Red Spinning Top

Monthly Candle: Previous close was a Red Body now a Green Spinning Top

Weekly Candle: Last check was a Medium Spinning Top now a Long-Legged Red Semi Doji

Daily Candle (Previous Close): Green Spinning Top

XRP markets have an overall choppy price action. Both the support and resistance levels are holding creating ranges. Still in a downtrend and facing lots of immediate resistances.

We will have an important weekly candle close tomorrow and I will be cautious to observe the recent supports as sellers are still in control. The recent false breakout towards $0.48 might be re-tested and there’s a possible new swing low to open the new week ahead.

At least the latest bearish 4H FVG I drawn in the chart above have been broken yesterday through a $0.52 day high and price currently consolidating inside its territory although the $0.54-0.55 range is a weekly resistance.

For my new trade plan, I need to point out a 1D FVG that has been rejecting buyers since January 26 and coinciding the weekly resistance I mentioned earlier.

We can spot yesterday’s swing highs and from this I can tell that there’s buy side liquidity inefficiency. There are probable pullbacks toward yesterday’s pre-breakout levels and that would trigger discount arrays if XRP wants to move up again targeting external swing highs.

Let’s see how this new trade analysis goes.

XRP Intraday Analysis and Trading Plan For February 4, 2024

Feb 04 2024

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