XRP recently broke its all-time high (ATH) from 2018, touching $3.317. This key resistance was fiercely defended by bears, offering a strong short opportunity on the first break. Now, after consolidating for over 10 days, let’s dive deeper into the key levels and confluences to plan trades.
Resistance Levels
All-Time High (ATH) - $3.317
Key resistance from the recent ATH breakout, strongly defended by bears
Support Levels and Confluence
Support Zone: $2.75-$2.71
Short Trade Setup
The first short opportunity arose at the ATH of $3.317, providing an excellent risk-to-reward ratio. If missed, another short trade setup can still be executed at the current price:
Long Trade Setup
Resistance Levels
All-Time High (ATH) - $3.317
Key resistance from the recent ATH breakout, strongly defended by bears
Support Levels and Confluence
- Fibonacci Retracement: 0.618 retracement of the recent impulse wave aligns at $2.74078
- Weekly Level: A strong weekly level at $2.75 provides further support
- Daily Level: The daily level at $2.72763 lies within the support zone
- Swing High from the Previous Trading Range: The December 2024 swing high at $2.725 adds more confluence
- Volume Profile (VAH): Value Area High (VAH) of the previous trading range aligns with the support zone
- Fibonacci Speed Fan: The 0.618 speed fan intersects at $2.7, depending on the timing (late January to early February)
- Pitchfork: While not plotted, it aligns closely with this zone, further supporting the level
Support Zone: $2.75-$2.71
Short Trade Setup
The first short opportunity arose at the ATH of $3.317, providing an excellent risk-to-reward ratio. If missed, another short trade setup can still be executed at the current price:
- Entry: Enter at the current price
- Stop Loss: Above $3.29
- Take Profit: $2.80
- Risk-to-Reward (R:R): 2:1
Long Trade Setup
- Entry: Ladder longs between $2.75 and $2.71
- Stop Loss: Below $2.63
- Take Profit: $2.95
- Risk-to-Reward (R:R): 3:1 or better
Trade closed: target reached
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Disclaimer
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🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
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.