After a successful rejection in the 0.56-0.57 order block last week, XRP’s price correction continues threatening to retest April’s lows.

My April 23 long trade has exited in a loss:

https://www.finlogix.com/analysis/20240423/xrp-intraday-analysis-and-trading-plan-for-april-23-2024

An updated overall record of 7 wins and 9 losses.

Another heavy data week in the US with 12 remaining major economic reports left this week.

The entire markets including crypto are awaiting tomorrow’s Fed interest rate decision and FOMC statement.

Expecting moderate to heavy volatility this mid-week.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still Red Spinning Top since last check

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick

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

Here comes May and XRPUSD’s price is exchanging hands under April’s lower shadow.

The intraday swing high earlier has created a narrow bearish monthly FVG.

So from this analysis, XRP sellers are more in control as price is seeking the sell side liquidity targeting last month’s lows at least.

Also, the bearish daily FVG formed last April 11 to 13 continues to play a crucial role in spoiling new long positions.

Both pre and post Bitcoin halving fevers have subsided and the recent weaker than expected Ripple and SEC on-going legal battle development has failed to help XRP’s price pushing up.

Depending on the outcome of the Fed interest rate decision and FOMC statement tomorrow, we are yet to see another extreme price volatility in the crypto markets including XRP.

Based on the recent price swings of reference from April 19 to 22, XRP is aggressively trading in a downward channel.

At time of writing this analysis, price is hovering in the 78.60% fib retracement level and bulls are trying to hold this line.

The coin’s price might be subject to a sell rumor case just before the crucial Fed interest rate decision tomorrow but a failure to seek buyers in the current level can lead to a further drop.

However, I am buying the current level regardless of the news outcome tomorrow.

In case a further dipping occurs before or after the news release, I put a safe stop loss at 0.47. But if a turn around happens, I’m targeting the 38.20% fib level of the swing points to take profit.

These are the new long orders that play out this scenario:

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 May 1, 2024

May 01 2024

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