To start today’s Finlogix analyses, I will update a new XRPUSD trade plan.

Last Wednesday’s call has ended in another consecutive stop loss:

https://www.finlogix.com/analysis/20240306/xrp-intraday-analysis-and-trading-plan-for-march-6-2024

Only 3 remaining US major economic reports. Still expecting the general markets including XRP to have volatility to end Friday.

Re-assessing XRPUSD’s high timeframe candles:

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

Monthly Candle: Still a Green Spinning Top with Longer Head and Tail Wicks since last check

Weekly Candle: Still a Red Long Lower Shadow since last check

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is developing a Red Inverted Hammer

There is still buying exhaustion! XRP seems to be in its corrective down wave.

If XRP wants to go higher this day, the intraday candle should be a green one and needs to create a bullish daily FVG but it seems the opposite direction.

There are 2 days of price recovery but we can look a lowering high trendline on the 4H chart I have drawn.

The 4H 50-SMA is ready to offer a nearby support. The 0.57-0.58 OB is still a viable buy zone and with the cooling market activity, I think the lower OB is at bay for now.

I am still more convinced that the XRPUSD’s 2-day rally a mere dead cat bounce extension.

I continue to sell with the following new short entries:

Price is still hovering in the premium array and it will be worth the risk to try short current levels targeting the 50% retracement from latest swing high and low.

In case there’s a break-out on the LH, I guard the position’s stop loss through a possible higher intraday swing.

I can see also that the 0.64 is the latest resistance which is the 78.60% fib level and sellers will target the 0.59-0.60 discount array.

Love to see XRP go back to upper $0.50 levels one last time before a new leg up.

XRP Intraday Analysis and Trading Plan For March 8, 2024

Mar 08 2024

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