Family, today let's talk about the recent market situation of XRP. Recently, XRP's performance has been quite eye-catching, with the price breaking below the important psychological level of $3.00, and it hasn't even held the 100-hour moving average, showing a bearish trend line on the hourly chart, with resistance moving down to $2.91, indicating that short-term bearish forces are somewhat strong.
Looking at the actions of the whales, in August, addresses holding 10 million to 100 million XRP reduced their holdings by 470 million tokens, with significant selling pressure, leading to a substantial increase in liquidity pressure, causing the price to drop sharply. With so many coins flooding the market, the price is naturally prone to decline.
However, short-term traders are not without opportunities. If you want to break through to go long, you need to hold above $3.02 for two consecutive hours, with a trading volume greater than $2 billion. Enter when conditions are met, with a target price looking first at $3.26; if you're aggressive, it can be aimed at $3.90, but set a stop loss at $2.98 to prevent excessive losses in case of a market reversal. If you choose to short on a breakdown, wait for the price to fall below $2.95 and enter when the MACD forms a death cross. The target price looks first at $2.82, and then down to $2.75, with a stop loss set at $3.02 to control risk. The strategy provided by Haoge today is to short around $3.0180 - $3.0550, with an initial target at $2.9680, and then $2.8970. You can refer to this, but investing should still take into account your own risk tolerance.
From a key conclusion, XRP is currently at the end of a five-year accumulation cycle. The regulatory decisions in October, especially during the period from October 18 to 24, will play a decisive role in its medium-term direction. Although it has long-term potential from a technical and on-chain data perspective, we need to be cautious of policy black swans in the short term. If there are changes in regulatory policy, the price may fluctuate significantly. Therefore, everyone must be careful in their operations, pay more attention to market dynamics, and preserving the principal is the most important thing!
