XRP is like two strong men in a tug-of-war at $3.24; whoever wins gets to decide! Until the direction is clear, don't rush to pick a side; wait for the right signal before acting!
XRP market analysis:
What is the current situation? XRP is hovering around $3.24, not able to go up or down. From the daily chart perspective, buyers (bulls) and sellers (bears) are fighting, and there is still no outcome.
Where is the key support? The most important 'floor' in the short term is $3.10. Old Zhu reminds the brothers: if $3.10 really breaks, it will likely test the important psychological level of $3.00! Once the psychological barrier is broken, it can easily trigger panic selling.
Where is the key resistance? The 'ceiling' above is the recent highest point of $3.37. If it can push past $3.37 and stabilize, the market will be excited, with a strong possibility of reaching $3.50 - $3.60!
Old Zhu's personal opinion:
Brothers, during this kind of indecisive market, the worst thing is to chase highs and cut losses! My experience is: patiently wait for a clear 'reversal signal' at key positions, that’s the high-value entry point. Especially be cautious of those 'seemingly beautiful' breakouts or breakdowns; there are too many false moves!
Case recall: Just like last December, XRP struggled to rise above 0.62 for several days, and finally closed with a standard 'shooting star' (a small body with a particularly long upper shadow), followed by a 15% pullback. After the signal appeared, going short was quite profitable.
Old Zhu's strategy:
Shorting opportunity (reverse shorting):
Where to wait? Pay close attention to the $3.30 - $3.40 area, especially when approaching the previous high of $3.37.
What signal to wait for? If in this area, a 'shooting star' (like a meteor, long upper shadow, pushed down after rising) or 'cloud cover' (first day big bullish candle, second day opens high but closes low with a big bearish candle, covering more than half of the first day) appears on the daily chart, these are two typical bearish reversal patterns!
What to do? As soon as the signal appears, don't hesitate, directly try a short position with a light load!
What is the target? First look down towards $3.15.
Where to set the stop loss? Must use a stop loss! It is suggested to place it above $3.43 (give a little space to avoid spikes). Remember, a stop loss is your safety rope!
The decision point is near! $3.10 is the lifeline, and $3.37 is the charge signal! Brothers, keep your eyes wide open these days, analyze the candlestick patterns, and follow the signals decisively when they appear! Want to know how Old Zhu operates in real-time? Like and follow for updates, more real-time strategies, let's chat in our circle!