As mentioned in my previous analysis, XRP’s 2024 bottoms were retested even lower! Bulls have retaliated sending the price above the important 40 cents levels.

As a result, my July 4’s long trade has exited in another loss after holding for 11 hours:

https://www.finlogix.com/analysis/20240704/xrp-intraday-analysis-and-trading-plan-for-july-4-2024

An updated overall record of 9 wins and 15 losses.

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

The crypto markets in general including XRP have printed out new lower lows extending their respective downturn since June 7.

Re-assessing XRPUSD’s high timeframe candles:

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

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

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

Daily Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Body with a Longer Tail Wick

In today’s analysis, I’m using the recent July 2 to 5 swing high to swing low moves as the retracements’ reference.

We can see another upsetting sell side liquidation last Friday.

Truly frustrating for the recent longs that have been prematurely forced out.

On the bright side, the June 7 bearish FVG is likely targeted once the XRP bulls have a convincing control this week.

As XRP’s price gets more discounted again, I will keep on opening long positions until the downtrend finally ends!

But also we need to be defensive in putting stops.

Today’s trade plan is to set a bid order on the 0.4250 mark with the same take profit target previously and stop loss at 0.41 only.

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

If successful, I will be rewarded handsomely!

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

XRP Intraday Analysis and Trading Plan For July 9, 2024

Jul 09 2024

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