XRP’s typical bullish 4H FVG steps in again creating another higher high divergence, the 0.70-0.75 range is back on track.

As a result, my August 20 long trade has exited in another loss after holding for 7 days and 8 hours:

https://www.finlogix.com/analysis/20240820/xrp-intraday-analysis-and-trading-plan-for-august-20-2024

An updated overall record of 11 wins and 18 losses.

The US is set to have 3 high-impact economic reports this week starting tomorrow Thursday.

The crypto markets in general including XRP traded lower this week fully giving up its gains last week.

Re-assessing XRPUSD’s high timeframe candles:

Yearly Candle: Still a Red Long-Legged Semi Doji since last check

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

Weekly Candle: Previous close is a Green Long Upper Shadow with a Big Body current is a Red Long Lower Shadow

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

Yes, XRP traded lower intraweek through yesterday’s swing low but the 4H bullish FVG that formed in August 7-8 has caused a buying reaction again!

This week’s low has almost hit the 50% fib level from the price manipulation’s down wave as the retracements’ points of view in today’s analysis.

This move is not allowing a bearish slide below the 0.54 level.

Otherwise, it could lead XRP’s price back to the 0.50 level minimum.

I’ve kept the higher high and low trendlines as the next key target range once we see XRP move up big time again.

But to do this, the bulls must break the local 0.60-61 resistance levels first before we talk about the 0.70-75 range.

This bullish ascending channel is still promising in time.

Today’s trade plan is a new long entering through the 4H 200-SMA with a 75% retracement of the 4H bullish FVG as a stop loss while targeting the take profit at the 0.64 level.

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

A decent 1.50 risk-to-reward trade setup.

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

XRP Intraday Analysis and Trading Plan for August 28, 2024

Aug 28 2024

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