To start this week’s analyses, I will be updating my insights on the XRPUSD.

In yesterday’s rally, XRP bulls has managed to breach inside both 1-Day and 1-Week FVG territories as the new Weekly Swing High but failed to close above the $0.54-0.55 weekly resistance levels.

At time of writing, price is trading back to a nearby weekly supply and demand $0.51-0.52 zones that could be key levels on the upcoming moves.

I am concerned for a potential moderate to heavy correction for XRP once Bitcoin confirms a double weekly top which coincides the yearly $49K local high resistance. However, XRP might show some strength according to XRPBTC chart which is too oversold already and bounds for a strong reversal to the upside.

Re-assessing XRP’s high timeframe candlesticks:

Monthly Candle: Still a Green Spinning Top

Weekly Candle: Previous close is a Medium Green Spinning Top and current is Small Red Spinning Top

Daily Candle: Previous close is a Green Long Upper Shadow

Overall, there are equal strengths both in the buyers and sellers. Price will continue ranging respecting resistances to be sold and supports to be bought.

However, the said $0.51-0.52 zones are crucial and must hold if XRP wants to recover higher this year! Cannot allow to go back to the yearly lows at $0.48 levels which sellers can completely overrun and control the momentum to go lower.

I am now 1 win and 2 losses for XRPUSD based on the last 3 plans:

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

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

https://www.finlogix.com/analysis/20240204/xrp-intraday-analysis-and-trading-plan-for-february-4-2024

So for my trade plan today that can be extended this week will be a buy order at the intraday’s swing low with a stop loss at mid $0.50 and take profit at mid $0.54. A conventional 1.67 risk to reward score.

As long as the 4H FVG keeps where XRPUSD right now, there will be probable upside retracements targeting the latest weekly swing high.

Always remember that trading involves risks and apply strict risk management on your trades.

XRP Intraday Analysis and Trading Plan For February 12, 2024

Feb 12 2024

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