$XRP
Can the bulls hold steady? The bears are sharpening their knives!
The price of XRP has fallen below the key support level of $2.91, indicating that the profit-taking funds at high levels have begun to withdraw. Now neither side wants to give up; the upcoming 'tug-of-war' may become even more exciting!
Key Situation Interpretation
If the price of XRP can stabilize above $2.91 again, the bulls may still have a chance to make a push and attempt to break the downward trend line.
Conversely, if it falls below the 50-day moving average ($2.5623), the bulls may have to surrender. In a more pessimistic scenario, the price could directly drop to $2.20 or even $2, giving the bears an opportunity to 'harvest a wave'.
Bullish Exit: Hold $2.91, aiming to break the downward trend line!
If XRP can stabilize at $2.91, the bulls still have a chance! Breaking the downward trend line and closing above it would greatly increase the likelihood of restoring an upward trend.
Short-term bullish strategy: After the current price rebounds above $2.91, a light position can be attempted, aiming for the area near the downward trend line, setting a stop-loss below the 50-day moving average.
Bearish Opportunity: The 50-day moving average is key; breaking below it means victory!
If the price falls below the 50-day moving average ($2.5623), the bears will have their chance. The next target is $2.20, and if it falls further, it could go straight to $2.
Short-term bearish strategy: After confirming the drop below the 50-day moving average, consider building a bearish position in batches, initially targeting $2.20, with a stop-loss set near $2.91.
The battlefield of XRP is changing rapidly; if the bulls cannot hold $2.91, the bears will have the chance to 'take off from the ground'! Brothers, be sure to respond flexibly; if the situation looks bad, withdraw quickly. Preserving capital is the way to go!