The 0.56-0.57 order block has been re-tested and rejected in yesterday’s rally continuation. Now acting as XRP’s new internal resistance.

After a strong and resilient buying presence last Friday, I have scored a new win for my April 15 long trade:

https://www.finlogix.com/analysis/20240415/xrp-intraday-analysis-and-trading-plan-for-april-15-2024

A new overall record of 7 wins and 8 losses.

Another heavy data week in the US with 7 major economic reports scheduled this week starting on Flash Manufacturing and Services PMIs tonight.

Last week, the US Dollar printed a new 62-day high extending its up trend to 45 days.

The crypto markets in general are expected to consolidate their gains as we head to the mid week.

Moderate to high volatility is still observed throughout the week.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still Red Spinning Top since last check but with a Diminished Body

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

Weekly Candle: Previous close is a Green Semi Hammer current is a Green Shaven Bottom with a Very Short Tail

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

The 0.75 resistance is still out of the picture for now.

Weekend’s price action has successfully broken out from the bearish 0.42-0.52 range!

However, the previous supporting 0.56-0.57 order block is now acting as the immediate internal resistance and it seems buyers are cooling down for the day.

Although XRP is expected to find bid orders from the missing long buyers, yesterday’s rejection at the OB might not be re-tested as price is going lower as I write this analysis.

The bearish daily FVG formed last April 11 to 13 is threatening to spoil new long positions.

Latest developments between the Ripple and SEC on-going legal battles suggest the former must file its opposition brief by April 22 and a redacted version by April 24 while the latter must file its reply brief by May 6.

The bigger resistances beside 0.75 will be the 0.60-0.62 levels.

But the XRP bulls are already facing problems with the flipped S/R 0.56-0.57 OB through the 4H pin bar candle!

With the bearish daily FVG still in play, I have already missed the optimal short entry so I will open a new long position towards XRP’s discount arrays assuming a new price correction has already started.

The entire cryptocurrencies including XRP have just enjoyed a Bitcoin post-halving rally.

Still not out of the woods yet from the angry and mad bears waiting anxiously.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

XRP Intraday Analysis and Trading Plan For April 23, 2024

Apr 23 2024

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