Technical analysis by MAAwan about Symbol XRP: Sell recommendation (1/9/2025)

TradingView Trade Plan: XRP/USDT Bullish SetupGartley Bullish Harmonic Pattern (Daily Timeframe)1. Market Analysis:Asset: XRP/USDT (Ripple vs. USDT)Pattern: Bullish Gartley harmonic pattern identified on the daily timeframe.Key Levels: The price is approaching the D-point, which aligns with the 78.6% Fibonacci retracement of the XA leg and a critical support zone, suggesting a potential bullish reversal.2. Gartley Pattern Details:XA Leg: Initial strong upward move.AB Leg: Retraces 61.8% of XA.BC Leg: Extends between 38.2% and 88.6% of AB.CD Leg: Completes at 78.6% retracement of XA, the D-point.Completion Zone (D-Point): Look for bullish reversal signals around this level.3. Trade Setup:Entry Point:Enter a long position when price action confirms a reversal at or near the D-point (e.g., bullish engulfing, hammer candle, or pin bar).Stop-Loss:Place the stop-loss slightly below the D-point or a nearby support zone to account for pattern invalidation.Take-Profit Levels:TP1: 38.2% retracement of the CD leg.TP2: 61.8% retracement of the CD leg.TP3 (optional): Full retracement to the XA high.4. Risk Management:Position Size: Use proper risk management, risking no more than 1-2% of total trading capital.Risk-Reward Ratio: Ensure the setup offers a favorable risk-reward ratio (minimum 1:2).5. Additional Confirmation:Volume Analysis: Look for increasing volume near the D-point, signaling buying interest.Oscillator Support: Look for RSI or MACD divergence or oversold conditions around the D-point for added confidence.6. Trade Execution:Place Orders:Use a buy limit order near the D-point if confident in the pattern completion.Alternatively, wait for bullish candlestick confirmation before entering.Adjust Stops: Trail the stop-loss as the trade progresses to secure profits and minimize risk.