As long as XRP stays within or above this pivotal price level, hopes of ending a 5-week slump is still alive even a momentarily short liquidation last week.

As a result, my June 21’s long trade has exited in another loss after holding for 3 days:

https://www.finlogix.com/analysis/20240621/xrp-intraday-analysis-and-trading-plan-for-june-21-2024

An updated overall record of 8 wins and 13 losses.

The US is set to have 6 high impact economic reports starting this coming Tuesday.

The crypto markets in general including XRP are still struggling to spark an upward rally after a 3-week fallout from their leader Bitcoin.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check but with a Slightly Longer Head Wick

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

Weekly Candle: Previous close is a Red Long Upper Shadow current is a Red Hammer

Daily Candle: Both previous close and current are Red Bodies with Longer Tail Wicks

Note: I’m using Tradingview.com under the XRPUSD pair in Bitstamp Exchange to thoroughly re-assess these high timeframe candles.

In today’s analysis, I continue to use the shallow retracement points of view from June 17 swing high to June 18 swing low as the points of view.

All I can see is that XRP had a swift shorts liquidation last week.

Currently, we just saw moments ago a squeezing of the newly opened longs.

With approximately 1 week left before July, selling pressure will surely subside.

A pivotal yet crucial level depicted in a blue line above is a must for the XRP bulls to regain an upward price thesis!

I’m going to long XRP again even though I got stopped out from the previous trade call.

While a continued long squeeze is expected today and this week, I will enter above the pivotal blue line only with the same take profit target towards the previous swing move’s 50% area mentioned in my last trade plan.

However, I’ll be putting a stop loss at flat 0.40 level only. Nothing less and nothing more to risk!

Note: Different liquidity providers may have set their prices differently compared to Finlogix. Adjust accordingly.

Let’s see if the crucial pivotal level depicted in a blue line that I’ve drawn above plays out.

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 24, 2024

Jun 24 2024

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