XRP bulls have successfully broken its bearish channel formed on April 22 after a key order block stopped further price bleeding last week.

https://www.finlogix.com/analysis/20240501/xrp-intraday-analysis-and-trading-plan-for-may-1-2024

An updated overall record of 8 wins and 9 losses.

After heavy data last week, the US is scheduled with only 3 major economic reports this coming Thursday and Friday.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Last check is a Red Body with a Longer Tail Wick now a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is developing a Small Green Body

Daily Candle: Previous close is a Red Doji current is developing a Green Body

To open the week, XRP’s price is trying to trade within last week’s candle upper shadow.

Price is also consolidating over the weekend after Friday’s rally.

Based on the 4H chart above, we can clearly see an end of its previous down wave and this current up wave must be targeting a higher price.

But the question is where it is heading to? Along with this follow up question, which side will be responsible to do it?

As long as the price remains within XRPUSD’s 4H 50 and 200 SMAs, the April 22 reversal candle to the down side can be the buy side liquidity external target and beyond that area.

In today’s trade plan, I’m still a buyer for XRP.

However, I need confirmation first so I’m going to set a breakout trade above 0.5360 that may fuel the current up wave continuation rally.

There are plenty of supports down low within the 4H 50-SMA’s reach and further more below it.

But if we see a failure off the current levels, price might revisit the 0.50-0.51 range again.

Per this theory, these are the new long orders to consider:

I think this week’s will be not so volatile compared to last week based on the scheduled major economic data release in the US.

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 6, 2024

May 06 2024

Stop Loss -3.77%

Holding time 2d14hr

0.53604

Entry price

0.51581

Stop loss price

1