XRP’s overnight dip has broken a good weekly intraweek opening and extended its trading ranges depicting price volatility.

As a result, my August 1’s long trade has exited in loss after holding for 6 hours only:

https://www.finlogix.com/analysis/20240801/xrp-intraday-analysis-and-trading-plan-for-august-1-2024

An updated overall record of 11 wins and 16 losses.

The US is set to have 3 more high impact economic reports to finish the trading week.

The crypto markets in general including XRP have widened their weekly range depicting volatility.

Re-assessing XRPUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Small Red Spinning Top now a Red Body with a Longer Tail Wick

Weekly Candle: Last check is a Green Long Upper Shadow now a Red Long Upper Shadow

Daily Candle: Previous close is a Red Long Lower Shadow with a Medium Body current is a Red Body with a Slightly Longer Tail Wick

Most of the alts including XRP have swept lower after Bitcoin dumped overnight below the mentioned 63500 support level previously.

XRP bulls yesterday tried to re-test the previous ascending triangle’s support trendline after it was broken but failed.

A strong sell-off immediately took over confirming a rejection on that area which I showed above.

If another selling event happens near XRP’s 4H 50-SMA where the 0.59-0.60 levels reside which are still sitting in premium arrays, then my worry for a deep correction may occur once the next 0.55 support levels break down upon re-test!

At least overnight’s dip has rebounded from May’s high.

Through this, the 0.56-0.57 should hold if XRP wants to maintain the bullish ascending channel.

After yesterday's long trade plan triggered its protective stop loss, I will long XRP again through a by limit order at 0.54-0.55 range.

The cut loss mark is set at 0.51 level only while taking profit at 0.61.

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 2, 2024

Aug 02 2024

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