Happy Wednesday.
 
After a holding time of 12 days and 2 hours, my March 21 call has ended in another loss:
 
Recap here:
https://www.finlogix.com/analysis/20240321/xrp-intraday-analysis-and-trading-plan-for-march-21-2024
 
2 straight losses for me with a new overall record of 5 wins and 7 losses.
 
Upcoming High Impact Economic Report
 
There are 7 remaining US major economic reports for this week.
 
The crypto markets including XRP have already moved to the downside following their leader Bitcoin’s heavy correction losing foothold on the former 69K ATH support.
 
There will be plenty of volatility to occur as the markets enter the mid week.
 
Intraday Analysis
 
Re-assessing XRPUSD’s high timeframe candles:
 
Yearly Candle: Last check is a Red Doji now a Red Long-Legged Spinning Top with a Small Body
Monthly Candle: Previous close is a Green Long-Legged Spinning Top with a Longer Head Wick current is a Red Body with a Longer Tail Wick
Weekly Candle: Previous close is a Red Long-Legged Doji with a Small Body current is a Red Body with a Longer Tail Wick
Daily Candle: Previous close is a Red Body current is developing a Green Dragonfly Doji
 
As mentioned during my previous analysis, XRP has clearly failed to make a major breakout.
 
Last month, price was halted by the very same 0.75 resistance it first met in November 2023.
 
Investors and traders alike are cautious as the grand court trial is fast approaching this month between the Ripple and SEC.
 
Trade Plan
 
There was nothing wrong with my previous trade plan, I have been holding the trade for almost 2 weeks sitting in gains before the fateful dropping yesterday that caught my stop loss.
 
Crypto markets are well known for high risk high reward setup with notorious volatility. It was a good try for me.
 
I like the current daily candle pattern which is developing a green dragonfly doji which is also formed below March 20 lows suggesting that the recent long positions’ buy stops liquidity were caught off by aggressive sidelined fresh buyers.
 
If this bullish intraday candle pattern keeps up and manages to close in green by tomorrow, then I expect XRP’s price has found a latest swing low that might re-test the recently lost support levels and become resistances for now.
 
From the 4H chart, we can also see another strong reaction on the 0.56-0.57 OB which I keep mentioning in my last analyses!
 
Here’s my new buy orders:
 
Buy Entry: 0.5855
 
Stop Loss: 0.5585
 
Take Profit: 0.6199
 
Risk to Reward Ratio: 1.27
 
Conclusion
 
I’m still seeing the 0.75 as the main resistance point.
 
By entering through the current levels, I have set the stop loss on a possible sweep of the 0.56-0.57 OB while targeting the 0.60-0.62 psychological levels as take profit.
 
Hoping this is a real recovery.
 
Good luck.
 
Trading involves risk.

XRP Intraday Analysis and Trading Plan For April 3, 2024

Apr 03 2024

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