I could have doubled my previous July 9 long trade’s 6.33 RRR after XRP’s spectacular move that breached above the 0.60 barrier from mere 0.42 level!

As a result, my July 9’s long trade has exited in profit after holding for 3 days and 23 hours:

https://www.finlogix.com/analysis/20240709/xrp-intraday-analysis-and-trading-plan-for-july-9-2024

An updated overall record of 10 wins and 15 losses.

The US is set to have 1 more high impact economic report due on tonight.

The crypto markets in general including XRP have enjoyed sudden price spikes to the upside after Bitcoin has stabilized within its newfound 60-65K range levels.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Spinning Top now a Red Long-Legged Semi Doji

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

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Shaven Bottom

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

One of the key factors that suddenly sent XRP to the 0.60 levels is its dominance rose to a monthly peak of 1.50% after holding the crucial yet key 1.03-1.05% level in June.

XRPBTC also broke out from its 3-4 month decline which coincides with the dominance rising as well.

Using the July 2 to 5 swing high to swing low moves as the retracements’ reference again, we can see that XRP shot past above the bullish 1.618 fib extension level where 0.54-0.56 resides but fell short on the 2.618 fib extension as price formed a new local swing high point.

Price rejection is showing at the moment and I like to see the 0.54-0.56 range to be backtested into new higher support levels first before challenging the next 0.64-0.66 resistance.

Today’s plan is simply setting a long position within the 0.54-0.56 support levels targeting the 0.64-0.66 resistance levels while putting a stop loss at the 0.51-0.52 range only.

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

New higher price discoveries await for XRP!

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

XRP Intraday Analysis and Trading Plan For July 18, 2024

Jul 18 2024

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