XRP / TetherUSShort
XRPUSDT short
Based on the chart provided, XRP/USDT has completed a significant upward wave structure, testing the resistance zone near $2.9. This level appears to align with the final wave of the current uptrend, forming a major resistance point. A corrective move is anticipated, with the following potential scenario:
Resistance at $2.9: XRP has hit this critical resistance level, failing to break higher, signaling a potential reversal. This level likely represents the exhaustion of the bullish momentum.
Corrective Waves (A-B):
The initial corrective wave (A) is expected to lead XRP toward lower support levels, potentially testing $1.0.
A temporary retracement or consolidation may occur, forming wave (B), followed by another impulsive drop.
Target at $0.5:
The final downward wave could bring XRP to the $0.5 region, representing a heavy crash and completion of the corrective cycle.
This level aligns with historical support and Fibonacci retracement zones from previous major moves.
Market Sentiment:
The heavy rejection at $2.9 indicates that selling pressure dominates, likely leading to a bearish trend in the short-to-mid term.
Resistance at $2.9: XRP has hit this critical resistance level, failing to break higher, signaling a potential reversal. This level likely represents the exhaustion of the bullish momentum.
Corrective Waves (A-B):
The initial corrective wave (A) is expected to lead XRP toward lower support levels, potentially testing $1.0.
A temporary retracement or consolidation may occur, forming wave (B), followed by another impulsive drop.
Target at $0.5:
The final downward wave could bring XRP to the $0.5 region, representing a heavy crash and completion of the corrective cycle.
This level aligns with historical support and Fibonacci retracement zones from previous major moves.
Market Sentiment:
The heavy rejection at $2.9 indicates that selling pressure dominates, likely leading to a bearish trend in the short-to-mid term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.