Technical analysis by CryptoPilot about Symbol XRP: Sell recommendation (8/4/2025)

🔰 Current Market Context: After breaking below the ascending channel near $3.50, XRP has entered a corrective phase within a descending channel. Price is now hovering around a mid-range resistance zone, and we can outline two key potential scenarios from here: ⸻ 📌 Scenario 1 (Sc1) – Immediate Rejection and Bearish Continuation In this case: •Price gets rejected from the current resistance zone ($3.05–$3.10). •A quick corrective pattern (likely a Zigzag or Flat) plays out. •XRP moves down to test the next demand zone near $2.70–$2.65, breaking below recent swing lows. ✅ This scenario aligns with the current weak structure and visible sell-side pressure. Liquidity above recent highs has likely been swept, creating a setup for continuation downward. ⸻ 📌 Scenario 2 (Sc2) – Extended Correction with a Final Bull Trap In this case: •Price pushes higher toward a deeper resistance zone near $3.30–$3.40. •A liquidity grab above the prior highs triggers a sharper reversal afterward. •The overall structure could form a Diametric or Complex Correction, suggesting a deeper and more time-consuming wave before resuming the bearish trend. ⛔ This scenario requires strength and acceptance above $3.15, and should be treated as an alternative unless proven by price action. ⸻ 🎯 Summary & Trade Strategy: Scenario 1 is currently more probable unless we see a strong break and close above $3.10. Expectation: XRP may head toward the $2.70–$2.65 demand zone if resistance holds. ⚠️ Avoid entering early. Wait for confirmation via internal BOS (Break of Structure), bearish engulfing near OB zones, or signs of rejection with volume at resistance.