The 0.56-0.57 order block has rejected XRP’s push up attempt. Becomes a 4-week resistance!

As a result, my XRPUSD’s May 6 long trade has exited in a loss:

https://www.finlogix.com/analysis/20240506/xrp-intraday-analysis-and-trading-plan-for-may-6-2024

An updated overall record of 8 wins and 10 losses.

The US is scheduled to have an Unemployment Claims data release tonight and 30-y Bond Auction plus Prelim UoM Consumer Sentiment tomorrow after a quiet first 3 days this week.

Tonight’s data is a crucial catalyst for XRP’s price next move.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Last check is a Green Body with a Longer Tail Wick now a Green Medium Upper Shadow

Weekly Candle: Last check is a Small Green Body now a Red Long Upper Shadow

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

This week, we’ve witnessed another rejection in the 0.56-0.57 order block and has been problematic since it got flipped into a resistance during April 12’s support breakdown!

At time of writing this analysis, XRPUSD’s price is steady above the 0.5150 levels halting the bears from further slump intraday.

We need this crucial level to hold or even a dip back to 0.49-0.50 range is acceptable.

The current weekly candle’s pattern is similar during the 4th week of April so any dips below 0.51 levels should find bid orders to support the price again like it did.

I like to call for a bullish ascending triangle on the 4H based on my drawings above.

It was a good stop loss last time so I remain a buyer for the XRPUSD and based on the current technical pattern, bulls have more control down low to keep an upward trajectory.

However, a sweeping of 0.47 support can be catastrophic so we will set stop loss just below it.

With the following updated long setups, I’m still targeting the problematic flipped S/R 0.56-0.57 OB to take profit:

As long as this HL trendline holds, price is bound to re-tested the 0.56-0.57 OB or even break it!

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 9, 2024

May 09 2024

1