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XRP/USDT Potential Downward Movement

XRP/USDT Long-Term Trend: Bearish

Key Resistance Levels: 0.7305, 0.7672, 0.7921

Key Support Levels: 0.6943, 0.6512, 0.6500

1-Hour Chart:

The price is trending to the downside by posting lower lows and highs. A correction count has been posted to the resistance (previously support). We expect further movement to the downside in the same direction of the main trend.

XRP/USDT Medium-Term Trend: Bearish

15-mins Chart:

On the 15-mins time frame, the price is trading inside a bearish channel formation. A higher correction has been posted to the resistance around the 0.7292 USDT mark. We expect after this correction a move to the downside toward the target profit mentioned below.

Signal Idea:

Sell Stop Order @ 0.7275

TP 1 @ 0.6954

TP 2 @ 0.6943

Stop Loss @ 0.7434

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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