XRP’s bulls got exhausted in targeting the nearby June 7 bearish FVG this week and retreated. Its 2024 bottoms can be retested!

As a result, my July 2’s long trade has exited in a loss after holding for 1 day and 3 hours:

https://www.finlogix.com/analysis/20240702/xrp-intraday-analysis-and-trading-plan-for-july-2-2024

An updated overall record of 9 wins and 14 losses.

The US is set to have 3 remaining high impact economic reports on Friday with key highlights on Unemployment Rate.

The crypto markets in general including XRP have followed Bitcoin’s price slump as well.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Spinning Top with a Slightly Longer Head Wick now a Red Body with a Longer Head Wick

Monthly Candle: Last check is a Green Shaven Bottom now a Red Body with a Longer Head Wick

Weekly Candle: Last check is a Green Shaven Bottom now a Red Body with a Longer Head Wick

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

In today’s analysis, I’m speculating that XRP’s 2024 lows will be retested because there’s a clear failure in targeting the nearby June 7 4H bearish FVG after a good weekly open.

As long as XRPBTC chart stays in green according to the weekly chart, XRP can survive a strong dump from Bitcoin as the former can potentially head towards the 54-55K levels.

On the good side, intraday’s crypto market wide dump has not affected XRP’s price that much.

The cross border token is still strongly trading above the 0.44 level.

All I’m seeing right now is a new swing low formation for a next leg up move!

In my previous trade plan, we have set a quick yet defensive stop loss at 0.46.

I like the current swing low formation and prefer to re-enter a new long position with the same take profit target at 0.52 previously but a stop loss at 0.42 only.

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

Nothing’s changed in my bullish view for XRP amid the mid week dump!

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

XRP Intraday Analysis and Trading Plan For July 4, 2024

Jul 04 2024

Stop Loss -5.83%

Holding time 11hr

0.44598

Entry price

0.41999

Stop loss price

1