The $XRP /USDT chart presents a bearish picture with the price currently trading at $0.6890, down 2.57% in the last 24 hours. The 4-hour timeframe reveals a clear downtrend, indicating strong selling pressure.

Support and Resistance:

Support: The immediate support level is at $0.6400, which coincides with the 24-hour low. A break below this level could lead to further price declines.

Resistance: The next resistance level is at $0.7480, which is the 24-hour high. Breaking above this level could signal a temporary reversal of the downtrend.

Entry Signal:

A potential entry signal for a short position (selling XRP) could be a retest of the $0.7480 resistance level. If the price fails to break above this level and reverses back down, it could be a good opportunity to enter a short trade with a stop-loss above the resistance level and a take-profit target at the $0.6400 support level.

Additional Considerations:

Bollinger Bands: The Bollinger Bands are contracting, indicating a decrease in volatility. This could lead to smaller price swings in both directions.

Volume: The 24-hour volume is relatively high, suggesting active participation in the market. This could further fuel the price movement.#USInflationAboveTarget #CPIUpdateOctober #TrumpNominatesMuskDOGE #MidNovemberMarket #Write2Earn!