XRPUSD, Move Above Important Resistance, Scenarios To Consider!

Hello Traders Investors And Community,

Welcome to this update-analysis about XRPUSD, we are looking at the weekly timeframe perspective. The last times XRPUSD managed to show up with this significant move above resistance where it just exaggerated with bullishness. These price-actions gave the initial pace to the current structures XRPUSD is developing and besides that also the upcoming movements ahead, in this case, I detected meaningful signs, therefore we are looking at all the important levels and likely outcomes we should consider with XRPUSD in its current structure and upcoming determinations.

When looking at my chart we can watch how XRPUSD just moved above the upper-boundary of its ascending-channel-formation and developed this final wave E within the wave-count, this wave E has the potential to extend into an E-wave-extension which will emerge when XRPUSD shows up with the proper price-action. Therefore it is of high importance that XRPUSD manages to validate the blue cluster marked in my chart where several supports coming together as support and initiate a solid bounce from that level because when this does not happen and XRPUSD closes below this will increase bearish pressure and XRPUSD will highly likely reach out for lower levels ahead however when XRPUSD manages to bounce within this cluster and form solid up-moves from there it can be the origin for the E-wave-extension and the development of the final wave C as it is marked in my chart.

It is definitely a true approach that XRPUSD has shown up with solid bullishness to the upside and now it is the time for XRPUSD to hold this bullishness even further with the right price-action to increase potentials for a continuation again. The next days and weeks will show how XRPUSD develops and moves on to form the next wave C in the structure. It is important to distinguish this from other cryptocurrencies like for example the major Bitcoin as it is already within the all-time-high region and heavily overbought while XRPUSD has still room within this manner.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
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Information provided is only educational and should not be used to take action in the markets.