XRP

Short Position Trade Setup for XRPusdt


1. Entry Point: Enter a short position around $0.7649 if XRP shows signs of rejection at this resistance level. You may also consider shorting if the price breaks below a key support level, like $0.74.

2. Stop Loss (SL): Set your stop loss slightly above the resistance level to minimize your risk. For instance, place your stop loss around $0.78 to avoid getting stopped out on a temporary spike.

3. Take Profit (TP): Establish your profit-taking levels:

First TP: $0.72 — partial profit-taking for a safer approach.

Second TP: $0.68 — where you can exit most or all of your position.

4. Hedging Strategy: If XRP starts moving sharply upward, be prepared to hedge by placing a small long position above $0.78 to cover potential losses.

5. Risk Management: Ensure you’re using only a fraction of your total capital for this trade and keep your risk-to-reward ratio reasonable (e.g., 1:2 or 1:3).