XRP is successful in ending a 5-week slump after holding the pivotal price level mentioned in my June 24 trade analysis. 2024 bottom is in!

As a result, my June 24’s long trade has exited in profit after holding for 7 days and 22 hours:

https://www.finlogix.com/analysis/20240624/xrp-intraday-analysis-and-trading-plan-for-june-24-2024

An updated overall record of 9 wins and 13 losses.

The US is set to have 9 remaining high impact economic reports starting tonight with key highlights on Fed Chair Powell’s speech.

The crypto markets in general including XRP have surpassed yesterday’s highs after their leader Bitcoin has stabilised above the 62000 level.

Re-assessing XRPUSD’s high timeframe candles:

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

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Shaven Bottom

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Green Shaven Bottom

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

In today’s analysis, I’m speculating that the 4H bearish FVG formed last June 7 will be targeted soon after a convincing intraday rally.

XRP just had a very strong Tuesday candle that has completely retraced yesterday’s pullback.

As the general markets are expecting a dovish speech from Fed Chair Powell with an eagerness for a first US dollar rate cut this year, we expect more upside rally from XRP.

It would take a strong dump targeting last week’s lows to nullify this bullish situation.

I’m going to long XRP again after my previous success.

My sole target is the bearish 4H FVG formed on June 7 which needs to be retested first before a total breakout above it to further extend the newfound rising.

The 4H 200-SMA is residing very close and I would like to enter right now with a minimal 0.46 stop loss while the take profit is set at the 0.52 mark.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Love to see further uprising for XRP soon!

All trade ideas I share are my own views and for my own trades only.

XRP Intraday Analysis and Trading Plan For July 2, 2024

Jul 02 2024

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