XRP Price Analysis: Strong Bullish Volatility Expansion, Price Action Testing Key Daily S/R

By Sunil Sharma and Aziz Khan
Published January 31, 2021 Updated January 31, 2021
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XRP Price Analysis: Strong Bullish Volatility Expansion, Price Action Testing Key Daily S/R

By Sunil Sharma and Aziz Khan
Published January 31, 2021 Updated January 31, 2021

XRP Price Action is impulsive above key structural Daily S/R levels, confirming a back test with increasing volume will show strength in the short term. Price Action of now is trading under a key resistance zone the needs to be cleared.

  • Bullish Order Blocks and Bullish Volatility Expansions
  • Key Dynamic and Daily S/R Levels
  • Declining Volume Profile and Volume Influxes

XRP Price Analysis: XRPUSDT 12h Price Action Chart

Chart by Tradingview 

Observing XRPUSDT’s chart above, XRP Price Action initially respected its Bullish Order Block that was in technical confluence with the Daily S/R Support Level. Holding this level was critical to maintain a Bullish Bias, evidently being the case as a strong Bullish Expansion followed suit. This Bullish Volatility Expansion had increasing volume allowing it to break key resistances.

The Dynamic S/R was compressing XRP Price Action into its Apex until it was successfully breached with a confirmed back test. This was the initial sing of an impulse coming to fruition as the overlying Weekly S/R was breached with conviction.

As of current, the Volume Profile has had a strong influx after a succession of Declining Volume.

When the Volume Profile is on a Decline as Price Action reaches its Apex, it increases the probability of a breakout being imminent. Follow through is critical to sustain momentum, especially when a back test of the Daily S/R comes to fruition – failure will be indicative of weakness.

Hope this article helps when making discretionary decisions

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Aziz Khan
11 Articles
Aziz is an experienced crypto technical analyst and day trader for the past three years going on four. Being a self-taught trader of 5 + years in this field, he has accomplished top status on Trading-view with daily detailed analysis on trending coins. You can follow Aziz on twitter and TradingView

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