🔹 Current Setup:
- 📈 XRP experienced a strong move upward following ETF news but is now approaching major resistance.
- 🔹 Price is testing the 0.618 Fibonacci retracement level at $2.66, aligning with the descending channel's resistance.
- 📉 Given the broader bearish trend, a rejection from this level could trigger a strong downside move.
- 📍 Key Resistance Levels (Potential Rejection Zones):
- 🎯 $2.87 (0.764 Fibonacci retracement & upper channel resistance)
- 🎯 $3.21 (Full Fibonacci retracement, invalidation level for bears)
- 📍 Key Support Levels:
- ❗ $2.48 (0.5 Fibonacci retracement)
- 🔻 $2.36 (0.382 Fib retracement)
- 📉 Deeper Target: $1.36 - $1.40 XRP (Projected based on Fibonacci extensions & channel breakdown)
📈 Bullish Scenario (Breakout Play)
- 🟢 Entry: Above $2.87 (If price breaks above 0.764 Fib)
- 🎯 Take Profit 1: $3.21 (Full retracement level)
- 🎯 Take Profit 2: $3.50+ (Potential bullish expansion)
- 🔴 Stop Loss: Below $2.66
✅ Justification:
- 🔹 If price breaks and holds above $2.87, the bearish structure could be invalidated.
- 🔹 Momentum from the ETF-driven rally might fuel another leg up beyond $3.00.
- 🔹 A strong breakout above $3.21 would confirm a bullish reversal.
📉 Bearish Scenario (Primary Expectation)
- ❌ Invalidation Level: Above $3.21
- 🔻 Downside Targets:
- $2.48: 0.5 Fibonacci retracement
- $2.36: 0.382 Fibonacci retracement
- $1.76: Key structure support
- $1.36 - $1.40 XRP: Final bearish target (0.272 Fib extension & channel bottom)
✅ Justification:
- ❗ Price remains within a descending channel, signaling a continuation of the downtrend.
- ❗ The ETF-driven pump appears to be a liquidity grab, leading to a likely reversal.
- ❗ A rejection from $2.66 - $2.87 would confirm bearish continuation, targeting the lower support zones.
⚡ Key Takeaways:
- 🔹 XRP is facing strong resistance at $2.66 - $2.87, a likely rejection zone.
- 🔹 A breakdown below $2.48 increases bearish pressure, targeting $1.40 XRP.
- 🔹 Bearish bias remains unless price breaks & holds above $3.21.
- 🔹 Expect price to follow the descending channel structure toward $1.36 - $1.40.
- 📈 XRP experienced a strong move upward following ETF news but is now approaching major resistance.
- 🔹 Price is testing the 0.618 Fibonacci retracement level at $2.66, aligning with the descending channel's resistance.
- 📉 Given the broader bearish trend, a rejection from this level could trigger a strong downside move.
- 📍 Key Resistance Levels (Potential Rejection Zones):
- 🎯 $2.87 (0.764 Fibonacci retracement & upper channel resistance)
- 🎯 $3.21 (Full Fibonacci retracement, invalidation level for bears)
- 📍 Key Support Levels:
- ❗ $2.48 (0.5 Fibonacci retracement)
- 🔻 $2.36 (0.382 Fib retracement)
- 📉 Deeper Target: $1.36 - $1.40 XRP (Projected based on Fibonacci extensions & channel breakdown)
📈 Bullish Scenario (Breakout Play)
- 🟢 Entry: Above $2.87 (If price breaks above 0.764 Fib)
- 🎯 Take Profit 1: $3.21 (Full retracement level)
- 🎯 Take Profit 2: $3.50+ (Potential bullish expansion)
- 🔴 Stop Loss: Below $2.66
✅ Justification:
- 🔹 If price breaks and holds above $2.87, the bearish structure could be invalidated.
- 🔹 Momentum from the ETF-driven rally might fuel another leg up beyond $3.00.
- 🔹 A strong breakout above $3.21 would confirm a bullish reversal.
📉 Bearish Scenario (Primary Expectation)
- ❌ Invalidation Level: Above $3.21
- 🔻 Downside Targets:
- $2.48: 0.5 Fibonacci retracement
- $2.36: 0.382 Fibonacci retracement
- $1.76: Key structure support
- $1.36 - $1.40 XRP: Final bearish target (0.272 Fib extension & channel bottom)
✅ Justification:
- ❗ Price remains within a descending channel, signaling a continuation of the downtrend.
- ❗ The ETF-driven pump appears to be a liquidity grab, leading to a likely reversal.
- ❗ A rejection from $2.66 - $2.87 would confirm bearish continuation, targeting the lower support zones.
⚡ Key Takeaways:
- 🔹 XRP is facing strong resistance at $2.66 - $2.87, a likely rejection zone.
- 🔹 A breakdown below $2.48 increases bearish pressure, targeting $1.40 XRP.
- 🔹 Bearish bias remains unless price breaks & holds above $3.21.
- 🔹 Expect price to follow the descending channel structure toward $1.36 - $1.40.
Trade active
So far so good. Breaking below a key support
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.