I'm looking at $XRP taking a sharp leg down after failing to hold its recent peak, currently trading at 1.2973. Price has broken decisively below the downward-sloping MA60 line at 1.3080, putting bear pressure firmly in charge on this timeframe.
Price saw a quick drop below 1.2977 before bouncing slightly off local support near 1.2931. Given the sharp momentum drop from recent highs near 1.3161 and the 24h high at 1.3220, taking a long position here looks high-risk. I'd like to see a weak relief bounce retesting the broken support zone near 1.3020 - 1.3050 to look for a short continuation idea toward lower levels.
Trade idea:
đ Entry: 1.3010 - 1.3050
đŻ TP1: 1.2973
đŻ TP2: 1.2931
đŻ TP3: 1.2850
đ Invalidation: 1.3090
A reclaim above 1.3090 moves price back above the MA60 line and invalidates the short-term downside momentum.
Waiting for a clear rejection on a pullback rather than shorting right into lower support.
Price saw a quick drop below 1.2977 before bouncing slightly off local support near 1.2931. Given the sharp momentum drop from recent highs near 1.3161 and the 24h high at 1.3220, taking a long position here looks high-risk. I'd like to see a weak relief bounce retesting the broken support zone near 1.3020 - 1.3050 to look for a short continuation idea toward lower levels.
Trade idea:
đ Entry: 1.3010 - 1.3050
đŻ TP1: 1.2973
đŻ TP2: 1.2931
đŻ TP3: 1.2850
đ Invalidation: 1.3090
A reclaim above 1.3090 moves price back above the MA60 line and invalidates the short-term downside momentum.
Waiting for a clear rejection on a pullback rather than shorting right into lower support.