XRP has been overall bearish, trading within the falling red channel.
Price is currently approaching a very strong confluence zone.
Where are we now?
XRP is retesting the intersection of:
ā¢ Lower bound of the falling channel š»
ā¢ Major support zone in blue šµ
ā¢ Psychological round number at $1
This creates a high-probability reaction area.
Whatās the plan?
As long as this zone holds,
we will be looking for long-term longs š
A clean bullish reaction from this area could trigger a move back toward:
ā¢ The upper bound of the channel
ā¢ The red resistance zone above
When does this fail?
If XRP breaks below this confluence zone decisively,
then the bullish scenario is invalidated ā
And further downside becomes likely.
ā ļø Disclaimer: This is not financial advice. Always do your own research and manage risk properly.
š Stick to your trading plan regarding entries, risk, and management.
Good luck! š
All Strategies Are Good; If Managed Properly!
~Richard Nasr