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XRP/USDT Potential Downward Movement

XRP/USDT Price Long-Term: Bearish

Key Resistance Levels: 0.4874, 0.5726, 0.6387

Key Support Levels: 0.3672, 0.2492, 0.2150

Daily Chart:

On the daily time frame, the price is ranging between two strong key levels the 0.6387 and 0.3672 USDT. The resistance had enough power to push the price downward from the 0.6387 USDT mark. Currently we can notice that the coin is forming a correction around the 0.4874 USDT Level.

XRP/USDT Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is struggling around the strong resistance (0.4874), where the price failed to break it to the upside. A double top has been formed signaling a potential reversal and a move to the downside. Our expectation now, is a bearish impulse toward the 0.4121 mark.

Signal Idea:

Sell Limit Order @ 0.4673

TP 1 @ 0.4121

TP 2 @ 0.3672

Stop Loss @ 0.4908

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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