XRP’s latest bearish 4H FVG formed after Friday’s epic dump has been respected again this week and found to be effective in sending the price lower.

As a result, my XRPUSD’s May 9 long trade has exited in another loss:

https://www.finlogix.com/analysis/20240509/xrp-intraday-analysis-and-trading-plan-for-may-9-2024

An updated overall record of 8 wins and 11 losses.

The US is set to have 11 high impact economic reports starting tomorrow Wednesday.

The crypto markets in general including XRPUSD are trying to recover their support levels from Friday’s dump aftermath.

With another heavy data week in the US, we are expecting a high volatility trading week ahead!

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Previous close is a Green Long Upper Shadow current is a Red Long Lower Shadow

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Red Spinning Top

Daily Candle: Previous close is a Red Semi Doji current is a Red Body with a Longer Tail Wick

If this week’s high has been reached already, then intraweek’s price action is likely to trade more within the Friday’s dump tail wick territory.

XRP cannot return the important 0.50-0.51 levels again which leave the bulls with no choice but to retreat down low.

We have new retracement points of view that are Friday's swing low to yesterday’s swing high.

Through this, price fails to go beyond the current 38.2% fib retracement level after the 2 bounces off near the 50% level.

The deeper discounted arrays found at 61.80% and 78.60% are do or die support levels once the current 38.20% fib deteriorates!

For days, I was sitting on decent gains in my previous long call but the take profit is just too high and ambitious.

Even a deep stop loss cannot save it, at least it was well fought.

Today, the trade plan is simple, opening a long position once XRPUSD’s price plunges towards the 61.80% fib retracement while putting the stop loss at the 78.60%.

I like to take profit back to the 4H bearish FVG’s 50% territory if and only if the XRP bulls are going to make it!

Bearishness is likely to overpower the crypto markets again this week so let’s try to long the incoming support levels.

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 June 11, 2024

Jun 11 2024

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