XRP - Key Levels to Watch

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

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

SiDec

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SiDec