XRPUSD - Falling Wedge Scenario (1HR/4HR Timeframe)

Looks to be a falling wedge forming on the lower timeframes, possible upside thrust if the upper trendline is tested and broken.

Depending on the strength of the move, we could see a continuation pattern, especially with XRP's current state, there's been a lot of downward pressure for the past few days, so a reversal is possible at this point. Keep an eye on the wedge and see how the price reacts, then we will go from there.

Comment:

(Update): It appears we're testing the bottom of the wedge, if we hold and bounce from here, it's still possible we get a breakout to the upside.

I would set a stop-loss just below the wedge, since if it does wick or break below it, we may see a continuation to the downside, otherwise I believe this is still a bullish pattern.

Comment:

(Update): Okay, so we fell out of the falling wedge pattern, but looking at how the price is currently stalling just below it, we could have a reversal/fakeout in our hands. If the one hour candle closes above 0.454, then there's a chance we'll get back in the wedge and eventually break to the upside.

Comment:

(Update): Well what do you know, the fakeout happened and we reversed straight into the target price. This is why it's important to adjust your positions according to the chart and the access the situation, because even if it doesn't play out at first, it may eventually come around due to the circumstances.

Trade closed: target reached