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$XRP Chart Analysis:
š« Strong Supply Zone: The price has bounced perfectly off a strong demand zone (labeled "strong supply zone" in the chart, but likely intended to be demand), showing buyer interest near the $2.05ā$2.12 range.
š Recent Downtrend: XRP recently experienced a sharp decline, but the price has now touched this critical zone, suggesting a potential bullish reversal.
š Potential U-Shaped Recovery: A rounded reversal pattern is indicated with the red curve, aiming for a U-shaped recovery targeting higher resistance levels.
š EMA 70 (2.2932): Current price is trading below the EMA, which acts as a short-term resistance. A break above it would be bullish confirmation.
š 1st Resistance: Around $2.2932, which aligns with the EMA. This is the first challenge for bulls.
š 2nd Resistance: Near $2.40ā$2.47, a critical barrier before
#long-term targets.
šÆ Long-Term Target: Set near $2.63, the peak from the previous rally, aligning with major resistance.
šÆ Volume: Decent volume spike at the bounce, confirming interest from buyers.
š§ Trade Setup: Reversal from Strong Demand Zone
š Entry Zone:
š¹ Enter between $2.12 ā $2.15 (ideal after confirming a bounce or bullish candle above the zone)
š”ļø Stop-Loss (SL):
š» Place below the demand zone ā $2.05
(Protects from deeper downside if support breaks)
šÆ Take Profit (TP) Targets:
TP1 ā $2.29 (š¦ 1st Resistance / EMA 70)
šø Partial profit booking here; break-even SL for the rest
TP2 ā $2.40 (š¦ 2nd Resistance)
šø Major resistance zone; expect a reaction
TP3 ā $2.63 (š“ Long-term Target / Previous High)
šø Full target for position holders
š Risk/Reward Ratio:
Approximately 1:2.5 to 1:3.5, depending on entry
š Extra Notes:
š Watch for
#bullish engulfing or hammer candle confirmation before entering.
š If price fails to reclaim EMA 70, re-evaluate trade.
š§ Manage position size properly ā avoid over-leverage.
š® Summary:
#XRP is attempting a bullish reversal from a key demand zone with potential to target $2.47 and even $2.63 long term, provided it clears resistance at $2.29 and $2.40. The setup favors swing traders and position holders looking for a recovery play.
š” Strategy Tagline:
"Buy the bounce, trail the breakout, ride the reversal!" ššš¹
support my idea and comment down your thoughts thanks .