XRP made a good intraweek pullback after retreating from a near 0.66 swing high. Now trading in a bullish ascending channel.

As a result, my July 18’s long trade has exited in another profit after holding for 12 days and 1 hour:

https://www.finlogix.com/analysis/20240718/xrp-intraday-analysis-and-trading-plan-for-july-18-2024

An updated overall record of 11 wins and 15 losses.

The US is set to have 5 more high impact economic report starting tonight.

The crypto markets in general including XRP have pulled back from recent weekly highs but found new critical support levels.

Re-assessing XRPUSD’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Small Red Spinning Top

Weekly Candle: Previous close is a Green Long-Legged Semi Doji current is a Green Long Upper Shadow

Daily Candle: Previous close is a Red Semi Shooting Star current is a Red Body with a Longer Tail Wick

The last time I saw XRP it was trading in an ascending triangle pattern, now it has mutated to an ascending channel which are both bullish in nature.

Also Bitcoin has just rebounded from its own important 63500 support level which helped other cryptocurrencies including XRP stay in their respective bullish course.

Intraday trading has shown signs of weakness which is normal after XRP bulls have failed to break out higher above the 0.66 level which could lead to further liquidating the buy side liquidation levels residing above March 2024 and November 2023 highs.

Although a strong profit taking has taken place today according to the current weekly candle pattern, XRP can still continue its uptrend as long as the support levels of the pattern mentioned hold.

Otherwise, XRP may proceed to a deeper price correction after most of the general markets’ slump reaction from Fed’s still pausing rate hikes.

I will long XRP again with the following orders:

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

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

XRP Intraday Analysis and Trading Plan For August 1, 2024

Aug 01 2024

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