My only Finlogix analysis this day goes to XRP.

“...a safer stop loss back the 0.57 levels just in case the up wave misfires.”

Sadly, my previous XRP call has ended in a terrible -10.73% stop loss:

https://www.finlogix.com/analysis/20240304/xrp-intraday-analysis-and-trading-plan-for-march-4-2024

One of the catalysts that proceeded yesterday’s dump back to the 0.52 level is Bitcoin’s slump back to sub $59K levels!

The movement was swift and brutal. At least the stop loss was a protection.

1 out of 9 US major economic reports came out already. The ISM Services PMI went lower than forecasted resulting for a DXY losing the 200-day SMA support! The index is trading below the moving average at time of writing this analysis.

8 more reports coming and expect the general markets including XRP to have volatility.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Last check is a Green Hammer now a Small Red Long Legged Doji

Monthly Candle: Last check is a Green Body with Shorter Head Wick now a Green Spinning Top with Longer Head and Tail Wicks

Weekly Candle: Last check is a Green Body with a Slightly Longer Tail Wick now a Red Long Lower Shadow

Daily Candle: Previous close is a Large Red Body with Longer Tail Wick current is a Green Body with a Slightly Longer Tail Wick

All I can see based on the updated XRP high timeframe candles is buying exhaustion!

We can see a very ugly bearish daily candle yesterday that connected the 2 strong order blocks mentioned in my previous analysis.

Usually price moves from FVG to FVG but because of a sudden high volume trading, XRP’s price has moved from OB to OB.

Price has rebounded once more in the 0.51-0.52 support levels reclaiming the 0.57-0.58 levels right away but XRP’s current price is back in supply zone!

Another crazy prize action in crypto wonderland!

I know it’s too early to say this but if I assume Bitcoin’s slightly higher new all time high is the top already, then the XRPUSD rally intraday is a mere dead cat bounce.

I will switch to be a quick seller this time with the following short entries:

This trade idea is based on the nearby fib retracements only. 0.51-0.52 is strong support already and it’s a good try to take profit at the 0.57-0.58 levels again.

I expect this to be a quick execution trade with a 2.40 RR score.

Good luck. I hope I am wrong in shorting XRP.

XRP Intraday Analysis and Trading Plan For March 6, 2024

Mar 06 2024

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