XRP is showing a classic Head and Shoulders reversal pattern, which has now broken down below the neckline, indicating a potential bearish continuation.
🔻 Bearish Structure Highlights:
The head and shoulders formation is well-defined and price has confirmed a neckline break.
The breakout is occurring within a descending channel, aligning with the broader bearish context.
Momentum oscillator (DTosc) is also turning down after a lower high, supporting the bearish case.
📉 Targets:
First target: 1.83580
Extended target: 1.61184
🔴 Invalidation Zone:
A daily close above the right shoulder and key resistance at 2.3589–2.4829 would invalidate this bearish view and signal potential reversal.
📌 Trade Plan:
Favoring short setups below the neckline
Targeting the support levels noted above
Stop-loss suggested above 2.48 for conservative risk control
The setup offers a clean risk/reward opportunity based on a textbook bearish reversal pattern.
🔻 Bearish Structure Highlights:
The head and shoulders formation is well-defined and price has confirmed a neckline break.
The breakout is occurring within a descending channel, aligning with the broader bearish context.
Momentum oscillator (DTosc) is also turning down after a lower high, supporting the bearish case.
📉 Targets:
First target: 1.83580
Extended target: 1.61184
🔴 Invalidation Zone:
A daily close above the right shoulder and key resistance at 2.3589–2.4829 would invalidate this bearish view and signal potential reversal.
📌 Trade Plan:
Favoring short setups below the neckline
Targeting the support levels noted above
Stop-loss suggested above 2.48 for conservative risk control
The setup offers a clean risk/reward opportunity based on a textbook bearish reversal pattern.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.