I was able to take profit from last Friday’s call:

https://www.finlogix.com/analysis/20240308/xrp-intraday-analysis-and-trading-plan-for-march-8-2024

I’m now 4 wins and 5 losses up to date.

Looking to win this one again so stay with me until the end to know the strategy I’m seeing for the XRPUSD pair.

A quiet Monday but there will be 12 US major economic data to watch for the week with the heavy ones like CPI month-over-month and year-over-year.

Markets will be subject for moderate to heavy volatility, XRP is not exempted.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Small Green Long Legged Doji since last check

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

Weekly Candle: Previous close is a Red Long Lower Shadow current is developing a Green Long Lower Shadow

Daily Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is developing a Green Long Lower Shadow

We’ve witnessed a quick see-saw move from almost 0.67 to 0.51 levels last week, since then XRP has formed a lower high (LH) trendline.

With Bitcoin printing new all time highs, XRP is lagging behind in terms of percentage gains.

Meanwhile, the XRPBTC looks dumpy again which the pair seeks lower low on its high time frame.

It’s safe to say that XRPUSD is dependent of what will Bitcoin do just like most cryptocurrencies lately.

XRP is trying to break the LH trendline at press time.

As expected on my previous analysis, price revisited the 0.50 levels one more time during the intraday lows earlier.

The move down has found willing buyers in line with the 1st layer OB (revisited as well) and the supporting 4H 100-SMA.

This pullback move has allowed the 38.20% fib retracement to play out and the buyers are quick to react seeing price has entered a more discounted array.

We can also found liquidity under the lows of 0.60 which is a good re-buy position!

I will focus buy setups waiting a touch back to the 61.80% retracement as my long entry. I am a buyer for now.

I want to see a new 4H FVG soon that needs to hold if price wants to go higher.

A break and re-test on the LH trendline move is a good scene!

XRP Intraday Analysis and Trading Plan For March 11, 2024

Mar 11 2024

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