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XRP/USDT Potential Downward Movement

XRP/USDT Long-Term Trend: Bearish

Key Resistance Levels: 1.1187, 1.1774, 1.4936

Key Support Levels: 0.7612, 0.3727, 0.2075

Daily Chart:

The price on the higher time frame was trading to the upside where a reversal occurred and changed the direction of the main trend to the downside. Also, lower lows and highs has been noticed which confirms that we are in a clear downward movement.

XRP/USDT Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is bouncing inside a bearish channel formation where we expect another test of the resistance level around the 1.1187 USDT which could lead to a rejection by this level and then move downward in the same direction of the main trend.

Signal Idea:

Sell Limit Order @ 1.1038

TP 1 @ 0.7728

TP 2 @ 0.7612

Stop Loss @ 1.2645

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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