$XRP down to $2.05 Soon.... Let’s explain his reason: 🧐
Key Observations:
1. Bearish Rising Channel: XRP is moving inside a rising channel, which often indicates a potential bearish breakout.
2. Resistance Zone: Price is approaching resistance around $2.38-$2.49, where selling pressure could increase.
3. Support Zone: The next significant support is visible at $2.07, which aligns with the lower horizontal demand zone.
4. Volume Analysis: Volume is not showing significant bullish momentum, further supporting a bearish bias.
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Short Trade Plan:
1. Entry:
Short XRP if it breaks below the rising channel (around $2.35).
Alternatively, short near resistance ($2.38-$2.49) if price shows rejection candles (e.g., shooting stars or bearish engulfing patterns).
2. Stop Loss:
Place the stop loss above the resistance zone ($2.50).
3. Take Profit Targets:
TP1: $2.20
TP2: $2.07
4. Risk Management: Ensure the risk-to-reward ratio is at least 1:2 for this setup.
Summary:
If XRP breaks the rising channel or rejects resistance, it could drop to the $2.07 support zone. Wait for confirmation (e.g., bearish candles) before entering the trade. 