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

🔍 Market Context: - XRP/USD is in a downtrend, forming lower highs and lower lows on the 4-hour timeframe. - The price has bounced off a key support zone (green highlighted area) but remains under bearish pressure. Long here should have a tight stop, and be careful not to over margin your position.- Fibonacci retracement levels indicate potential resistance zones above. 📊 Trade Entry Criteria: - The price has reacted to a strong support level around 2.79 - 2.80 USD, forming a potential double bottom. - A bullish reversal is possible if the price breaks above the 2.85 - 2.90 USD resistance zone. - Alternatively, rejection from resistance could lead to another leg down. 🎯 Trade Targets & Risk Management - Bullish Scenario: - Entry Price: Above 2.85 USD - Take Profit (TP1): 2.95 USD (38.2% Fibonacci) - Take Profit (TP2): 3.00 - 3.05 USD (50%-61.8% Fibonacci) - Stop Loss (SL): Below 2.75 USD - Bearish Scenario: - Entry Price: Below 2.79 USD (break of support) - Take Profit (TP1): 2.68 USD (-27.2% Fib extension) - Take Profit (TP2): 2.54 USD (-61.8% Fib extension) - Stop Loss (SL): Above 2.85 USD 📉 Profit Target Justification: - The bullish target aligns with key Fibonacci retracement levels and a previous liquidity zone. - The bearish target aligns with Fib extensions and historical price action, indicating potential further downside. 📌 Summary ✔ Price at key support level with a possible bounce or breakdown. ✔ Fibonacci confluence provides clear trade setups for both bullish and bearish scenarios. ✔ Risk-to-reward ratio is favourable in both directions. 🔻 Invalidation: If price breaks below 2.75 USD, bullish setups are invalid. Conversely, a strong move above 2.90 USD would invalidate bearish setups.