Happy Friday.
The XRP has suddenly triggered upside price action after the buyers have successfully broken the 0.54-0.55 weekly resistance and flipped into support levels invalidating the sub 0.50 levels.
With Bitcoin still stabilizing around 51-52K range and XRPBTC weekly chart appearing to found its bottom, XRPUSD is poised to re-test the 0.57-0.75 range again.
If XRP weekly able to close above 0.57 and turn into a support, the next immediate resistance target is the 0.65-0.67 supply zones.
At time of writing, 0.58 is still acting as the barrier however there’s a new 1D FVG that needs to be held if XRPUSD wants to go higher back in the lost 0.57-0.75 trading range.
I am observing first if there will be intraday breakout above 0.58 targeting this week’s swing high buyside liquidity. Based on the update charts above, we can look back that the 0.57-0.58 range were previous strong supports but acting as resistance that must be broken in order for XRP to higher again.
My trade plan is to set a long order if price goes back in the new 1D FVG’s territory with a 2 risk:reward profit target within the upper lost range while a stop loss set below this week’s swing low sellside liquidity.
Re-assessing XRP’s high timeframe candlesticks:
Yearly Candle: Still a Red Hammer
Monthly Candle: Last check was a Green Spinning Top current is Green Body
Weekly Candle: Last check was a Small Red Spinning Top now Big Green Body
Daily Candle: Previous close is a Green Body with ¾ size current is a Small Green Body
The yearly, monthly and weekly candles continue to develop an uptrend. Yesterday’s candle closed with ¾ body size suggesting minor profit taking.
There are potential pullbacks today that will be extended over the weekend. Already overbought in the lower timeframes but I speculate that the XRPUSD has strong bids already to maintain the newly discovered uptrend.
Full read:
https://www.finlogix.com/analysis/20240216/xrp-intraday-analysis-and-trading-plan-for-february-16-2024
