My XRP analysis last Monday has exited in profit:

https://www.finlogix.com/analysis/20240212/xrp-intraday-analysis-and-trading-plan-for-february-12-2024

Now that XRP has reached the 0.54-0.55 weekly resistance levels I mentioned previously, it is time for me to short it aligning my bias that there will be price corrections soon since Bitcoin has entered extremely levels already.

In the last two day’s price action, there was a clear control of the buyers in the reclaimed 4H FVG.

At time of writing, XRP has made a new weekly swing high. From what I am seeing, there will be immediate sellers to take profit to end the week.

There is a probable chance for a re-test on the weekly lows targeting sell side liquidity residing over these areas.

As you can see above, I’ve switched to the 1H timeframe where we can see the formation of a inverted red hammer that can signal the start of XRPUSD price correction.

All I can see from here is collection of buy side liquidity.

I am looking for a sell setup once price breaks the 0.54 mark intraday, having a stop loss above the mid point of the weekly resistance. There’s a strong wall of supply waiting on the 1D FVG.

The take profit level is 2 for 1 risk:reward ratio from the entry.

I will capitalize the potential pullbacks first for XRPUSD before the next leg upwards move.

Re-assessing XRP’s high timeframe candlesticks:

Yearly Candle: Last check was a Red Spinning Top now an Red Hammer

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 Body and current is Green Shooting Star

The yearly, monthly and weekly candles continue to exhibit steady revealing of a coming uptrend. However, there will be momentarily pullbacks hinted by the Green Shooting Star daily candle.

XRP Intraday Analysis and Trading Plan For February 15, 2024

Feb 15 2024

1