đ XRP/USDT - Reversal After Sharp Decline đ
XRP/USDT is currently trading at $0.5226, having faced significant volatility with a sharp decline from recent highs around $0.6661. The market is showing signs of a potential reversal after testing lower support levels.
đ„ Key Observations:
Bullish OBs: Previous support around $0.5585 and $0.5881 held strongly, suggesting potential buying zones.
Bearish OBs: Resistance was found near $0.6065, with a recent sharp drop indicating strong selling pressure at higher levels.
Current Trend: XRP is attempting to recover from its steep fall, testing lower resistance levels.
đŻ Long Setup:
đ Entry for Long: A strategic long could be considered around the current level $0.5226 if signs of stabilization and reversal are evident.
đŻ Take Profit Targets for Long:
1. TP1: $0.5436 â Initial minor resistance.
2. TP2: $0.5591 â More substantial resistance level.
3. TP3: $0.5881 â Previous support turned resistance, if a full recovery initiates.
đĄïž Stop Loss for Long: Set a stop loss around $0.5100 to limit potential downside risk.
đ Short Setup (If Rejection at Resistance):
đ Entry for Short: Look to enter a short position if XRP fails to break above $0.5436 and shows rejection signs.
đŻ Take Profit Targets for Short:
1. TP1: $0.5226 â Re-test of current levels.
2. TP2: $0.5100 â Lower boundary if downward momentum continues.
3. TP3: $0.5000 â Psychological and technical support zone.
đĄïž Stop Loss for Short: Position a stop loss just above $0.5500 to minimize exposure to an adverse move.
đ Market Sentiment: The recent drop and current price action near critical levels will determine the next major moves for XRP. It's crucial to watch how the market reacts to these support and resistance levels to gauge future direction.
