XRPUSD Recent Breakout Follow Through
Updated
XRPUSD has recently made a move to the upside earlier than I had anticipated (as can be seen in my previous idea which is linked below).
While such price action is favorable to short-term bulls, the lower high which was previously formed (around 0.456-0.46 USD) has not yet been surpassed, thus XRPUSD could still be forming a lower high, followed by further downside. The upper bound of this short-term pattern has been tested multiple times, and this can be seen on shorter-term timeframes.
The ascending triangle formation mentioned in previous ideas is still in play. If a lower high is formed followed by further downside, attention should be shifted towards a possible test of the lower bound of the triangle.
While such price action is favorable to short-term bulls, the lower high which was previously formed (around 0.456-0.46 USD) has not yet been surpassed, thus XRPUSD could still be forming a lower high, followed by further downside. The upper bound of this short-term pattern has been tested multiple times, and this can be seen on shorter-term timeframes.
The ascending triangle formation mentioned in previous ideas is still in play. If a lower high is formed followed by further downside, attention should be shifted towards a possible test of the lower bound of the triangle.
Note
Final verdict: Lower high was formed, as anticipated.
This lead to the validation of the descending channel formation and the eventual invalidation of the ascending triangle, as the test of the lower bound of the ascending triangle proved support to be inadequate. A test of the upper bound of the triangle never came to fruition.
The validation of a descending channel resulted in a lower high being formed on June 8, followed by a lower low on June 9.
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