XRP Intraday Analysis and Trading Plan For August 2, 2024
Rafael Ken Aguilar
XRPUSD·
Aug 02 2024
Stop Loss -5.50%
Holding time 2d8hr
0.54580
Entry price
0.51580
Stop loss price
1
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.
Happy Friday.
Upcoming High Impact Economic Reports
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.
More economic events at:
https://www.finlogix.com/calendar
Intraday Analysis
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.
Trade Plan
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.
Here are the details:
Buy Entry: 0.5459
Stop Loss: 0.5159
Take Profit: 0.6159
Risk to Reward Ratio: 2.33
Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.
Conclusion
Good luck.
Stay tuned to my next articles.
All trade ideas I share are my own views and for my own trades only.
Trading involves risks.