XRP is back in the range again after a strong intraweek. Price manipulation is nothing but a needed sweep off.

Unfortunately, my August 2’s long trade has exited in another loss prior to the latest upside movement with a holding time for 2 days and 8 hours only:

https://www.finlogix.com/analysis/20240802/xrp-intraday-analysis-and-trading-plan-for-august-2-2024

An updated overall record of 11 wins and 17 losses.

The US is set to have 5 upcoming high impact economic reports this week.

XRP is one of the alternative cryptocurrencies or alts that outperformed the others including their leader Bitcoin. In fact, one of the top gainers this week.

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

One of the major reasons that XRP has moved to the upside again is the latest court statement favoring the Ripple company against the US SEC.

Back to my normal technical analysis, I’m expecting XRP to move north again after the price manipulation has been completed 2 weeks ago.

With the swift breakout with volume back to the 0.63-0.65 range, the 0.60 level should do fine as an intermediate support plus a 4H bullish FVG still holding up.

It’s clear that the bullish ascending channel is back in to play.

Although a frustrating premature exit last long attempt, I am happy I’ve prevented some heavy losses!

I will enter a new long position at the 0.59ish potential dips underway.

Cut loss is set at 0.55 only while the take profit is aimed towards the potential higher high boundary of the ascending channel.

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

Entire global markets are eyeing Fed Chair Powell’s Friday speech and whatever the outcome may highly influence XRP’s price.

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

XRP Intraday Analysis and Trading Plan for August 20, 2024

Aug 20 2024

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