XRP/USDT 4H Timeframe Analysis
Trend Analysis:
In the 4H timeframe, the XRP/USDT pair is currently in an uptrend, having reached an all-time high of $2.90. However, a bearish engulfing pattern has formed, followed by the creation of lower lows and lower highs, indicating a shift in market sentiment and the emergence of a ranging market. We have identified minor key resistance at $2.50 and a minor key support zone, with a recent breakout of a trend line at $2.40.
After the breakout, buyers placed buy orders in this key area, suggesting a potential long position. However, our bias is that this is merely an accumulation stage following a large volume order in this area. We anticipate some manipulation from the downside, which may lead the price toward our liquidity zone.
Price Action Expectation:
Our objective is to wait for a significant manipulation move that could liquidate some buyers' stop-loss positions placed within our liquidity zone. After this, we will look for the price to return to the previous resistance level.
Trade Setup:
Trade Type: Buy Stop
Entry Price: 2.5090 (just above the resistance after breakout)
Stop Loss: 2.3740 (positioned below the minor support to protect against adverse movements)
Take Profit: 2.9000 (targeting the next major resistance level)
Fundamental Outlook:
Impact on XRP/USDT:
The upcoming developments regarding the SEC's legal battle with Ripple are crucial for XRP's price action. The SEC faces a pivotal appeal deadline on January 15, and the departure of Chair Gensler raises hopes for Ripple and XRP investors.
Potential Positive Outcome:
If the SEC withdraws its appeal, XRP’s price could target its all-time high of $3.55, significantly boosting bullish sentiment.
Potential Negative Outcome:
Conversely, if the SEC's filing leads to unfavorable outcomes, XRP could slide toward the $1 mark, impacting our bullish outlook.
Trend Analysis:
In the 4H timeframe, the XRP/USDT pair is currently in an uptrend, having reached an all-time high of $2.90. However, a bearish engulfing pattern has formed, followed by the creation of lower lows and lower highs, indicating a shift in market sentiment and the emergence of a ranging market. We have identified minor key resistance at $2.50 and a minor key support zone, with a recent breakout of a trend line at $2.40.
After the breakout, buyers placed buy orders in this key area, suggesting a potential long position. However, our bias is that this is merely an accumulation stage following a large volume order in this area. We anticipate some manipulation from the downside, which may lead the price toward our liquidity zone.
Price Action Expectation:
Our objective is to wait for a significant manipulation move that could liquidate some buyers' stop-loss positions placed within our liquidity zone. After this, we will look for the price to return to the previous resistance level.
Trade Setup:
Trade Type: Buy Stop
Entry Price: 2.5090 (just above the resistance after breakout)
Stop Loss: 2.3740 (positioned below the minor support to protect against adverse movements)
Take Profit: 2.9000 (targeting the next major resistance level)
Fundamental Outlook:
Impact on XRP/USDT:
The upcoming developments regarding the SEC's legal battle with Ripple are crucial for XRP's price action. The SEC faces a pivotal appeal deadline on January 15, and the departure of Chair Gensler raises hopes for Ripple and XRP investors.
Potential Positive Outcome:
If the SEC withdraws its appeal, XRP’s price could target its all-time high of $3.55, significantly boosting bullish sentiment.
Potential Negative Outcome:
Conversely, if the SEC's filing leads to unfavorable outcomes, XRP could slide toward the $1 mark, impacting our bullish outlook.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.