Technical analysis by Who-Is-Caerus about Symbol XRP: Sell recommendation (2/1/2025)

🔍 Market Context: - XRP/USD is trading within a rising channel, but recent price action shows signs of weakness near the upper resistance level. - A breakdown from a smaller ascending trendline suggests that bearish momentum is building. - The price is testing a key horizontal resistance zone while struggling to break higher. 📊 Trade Entry Criteria: - Entry is positioned at the rejection of the upper channel resistance. - The price has broken a minor trendline, indicating a potential shift in momentum. - A lower high structure is forming, which may confirm a bearish reversal. 🎯 Trade Targets & Risk Management - Entry Price: Around 3.018 - 3.132 USD - Stop Loss (SL): Above 3.291 USD (above the recent highs) - Take Profit (TP): 2.104 - 2.070 USD (previous strong support) - Risk-to-Reward Ratio: Favourable short setup with R:R over 1:3 🛑 Stop-Loss Placement: - Stop-loss is placed above 3.291 USD to protect against a potential breakout continuation. 📉 Profit Target Justification: - The main target is the 2.104 - 2.070 USD range, aligning with a key horizontal support level. - If price breaks lower, further downside toward 1.900 USD could be possible. 📌 Summary - Price is rejecting key resistance inside an ascending channel. - Lower high formation signals potential bearish continuation. - Clear risk-reward ratio makes it a high-probability short setup. - Targeting strong historical support levels for take profit. 🔻 If price reclaims 3.291 USD, the trade setup is invalidated. Otherwise, continued downside is expected.Trade is going well. Take partial profits here at 2.845 as we may see price come up a bit here.Trade closed. Can keep a portion open if you choose depending on your entry. Pull up is a potential. We can look for another short soon.