Technical analysis by Who-Is-Caerus about Symbol XRP: Sell recommendation (2/3/2025)

🔍 Market Context: - XRP/USD is currently experiencing a sharp decline, breaking below key trendline support. - The price has dropped significantly, reflecting bearish momentum, and is now approaching critical Fibonacci retracement levels. - Fibonacci retracement levels and trendline intersections suggest potential areas of support and resistance for a possible reversal or continuation. 📊 Trade Entry Criteria: - The price has broken below a key ascending trendline, confirming bearish sentiment. - A bearish continuation is expected if the price remains below the broken trendline and key support zones. - A possible reversal could occur if price reclaims the trendline and moves above 2.45 resistance. 🎯 Trade Targets & Risk Management 🔴 Bearish Scenario: - Entry Price: Below 2.40 USD (break of support) - Take Profit (TP1): 1.94 USD (50% Fibonacci retracement) - Take Profit (TP2): 1.6 USD (61.8% Fibonacci retracement) - Take Profit (TP2): 1 - 1.2 USD (76.4% Fibonacci retracement and psychological support) - Stop Loss (SL): Above 2.45 USD (previous structure resistance) 🟢 Bullish Scenario: - Entry Price: Above 2.45 USD (trendline recovery) - Take Profit (TP1): 2.56 USD (61.8% Fibonacci retracement) - Take Profit (TP2): 2.69 - 2.86 USD (50%-38.2% Fibonacci resistance levels) - Stop Loss (SL): Below 2.38 USD (confirmation of bearish continuation) 📉 Profit Target Justification: - The bearish target aligns with Fibonacci retracement zones and previous price action, suggesting further downside if the break holds. - The bullish target is supported by Fibonacci levels and previous resistance-turned-support areas. 📌 Summary ✔ Price is at a crucial support level, with a confirmed bearish breakdown. ✔ Fibonacci levels provide clear confluence for both bullish and bearish trade setups. ✔ Risk-to-reward ratio is favourable, with a well-defined invalidation zone. 🔻 Invalidation: - If price moves back above 2.45 USD, the bearish setup is invalidated. - If price fails to reclaim 2.40 USD, the bullish recovery scenario weakens.