XRP / TetherUSShort
XRP/USDT: Critical Decision Point - Range or Drop?
Updated
Here's a concise analysis of the XRP/USDT 12H chart:
Technical Setup:
- Price in descending parallel channel (blue lines)
- Currently at: 3.1666 USDT (-3.82%)
- High volume (263.81M)
- Notable Fibonacci levels marked: 0.5 and 0.66
Price Action Forecast (marked in yellow):
- Potential sideways consolidation with volatile swings
- Range between 2.8-3.2 USDT
- Risk of -18.76% downside noted (-0.5948)
Key Levels:
- Resistance: 3.4 (0 Fib level)
- Support: 2.8 (0.5 Fib level)
- Critical Support: 2.6 (0.66 Fib level)
Trading Note:
Caution advised - chart shows possible distribution pattern with high volume. Wait for clear direction before taking position.
Technical Setup:
- Price in descending parallel channel (blue lines)
- Currently at: 3.1666 USDT (-3.82%)
- High volume (263.81M)
- Notable Fibonacci levels marked: 0.5 and 0.66
Price Action Forecast (marked in yellow):
- Potential sideways consolidation with volatile swings
- Range between 2.8-3.2 USDT
- Risk of -18.76% downside noted (-0.5948)
Key Levels:
- Resistance: 3.4 (0 Fib level)
- Support: 2.8 (0.5 Fib level)
- Critical Support: 2.6 (0.66 Fib level)
Trading Note:
Caution advised - chart shows possible distribution pattern with high volume. Wait for clear direction before taking position.
Trade active
IM WAITING XRP AT 2.6 - 2.4
Related publications
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.