After a holding time of 4 days and 17 hours, my March 12 call has ended in a loss:

https://www.finlogix.com/analysis/20240312/xrp-intraday-analysis-and-trading-plan-for-march-12-2024

A new overall record of 5 wins and 6 losses.

There are 4 US major economic reports left for this week.

The crypto markets including XRP have already moved to the upside after a dovish tone from the FOMC statement.

The volatility has already kicked in after the first 4 US major reports came out earlier.

Re-assessing XRPUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Green Body with Longer Tail Wick now a Green Long-Legged Doji with a Small Body

Weekly Candle: Previous close is a Green Long Upper Shadow current is a Red Long-Legged Spinning Top

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

XRP has yet to be seen for a major breakout move compared with other cyrptocurrencies or alts.

One of the key reasons of its lagging movement is the 4th year on-going legal issues between the Ripple and SEC.

Investors and traders alike are cautious as approaching court trial looms next month.

On the other hand, XRP is forming a new structure on the 4H view.

From here, we can see both lower high and low creating a downward channel.

Yesterday’s dips were back-testing the 0.56-0.57 OB which I have been mentioning in my previous XRP analyses.

However, it’s good to see that this OB has offered support again.

There’s a clear failure to break the November 2023 0.75 high resistance even after meteoric rise of Bitcoin.

As per my trade plan, I am speculating a breakout from the small corrective structure highlighted in a blue box!

I like to enter at current price levels with the following new long entries:

If bulls able to win the downward channel to the upside, I am taking profit on 0.75.

In case I’m wrong, I put a stop loss below the 4H 200-SMA.

Scoring a 4.83 risk:reward. Let’s see how this one goes.