$XRP /USDT Trade Analysis

The chart shows a sharp retracement after reaching a high of $1.2698, with the price now consolidating near $1.0171. The trend is leaning bearish in the short term, but key levels provide opportunities for both long and short trades.

Long Trade Setup

Entry Point: $1.0200 (on signs of recovery from current support levels)

Take Profit Targets (TP):

TP1: $1.0900 (next immediate resistance level)

TP2: $1.1500 (a stronger resistance and psychological level)

Stop Loss (SL): $0.9800 (below recent support zone)

Rationale:

The price is near a potential support level with room for a recovery bounce. A strong upward momentum can target the resistance zones if the market turns bullish.

Short Trade Setup

Entry Point: $1.0150 (continuation of the bearish trend)

Take Profit Targets (TP):

TP1: $0.9500 (previous support level and psychological zone)

TP2: $0.8900 (major support level based on the moving average)

Stop Loss (SL): $1.0600 (above the nearest resistance level)

Rationale:

If the price fails to hold the current level and breaks downward, the next logical targets align with previous support levels. The market's bearish momentum suggests further downside potential.

Market Sentiment:

Cautiously bearish in the short term, with a possible bullish reversal if the price holds support and shows recovery signs. Monitor closely for volume spikes and candlestick patterns at the current levels. Adjust trades based on confirmed breakouts or breakdowns.

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