๐$XRP Chart Analysis:
๐ซ 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 $2.05โ$2.12 range.
๐ Recent Downtrend: XRP recently experienced a sharp decline, but the price has now touched this critical zone, suggesting a potential bullish reversal.
๐ Potential U-Shaped Recovery: A rounded reversal pattern is indicated with the red curve, aiming for a U-shaped recovery targeting higher resistance levels.
๐ 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.
๐ 1st Resistance: Around $2.2932, which aligns with the EMA. This is the first challenge for bulls.
๐ 2nd Resistance: Near $2.40โ$2.47, a critical barrier before #long-term targets.
๐ฏ Long-Term Target: Set near $2.63, the peak from the previous rally, aligning with major resistance.
๐ฏ Volume: Decent volume spike at the bounce, confirming interest from buyers.
๐ง Trade Setup: Reversal from Strong Demand Zone
๐ Entry Zone:
๐น Enter between $2.12 โ $2.15 (ideal after confirming a bounce or bullish candle above the zone)
๐ก๏ธ Stop-Loss (SL):
๐ป Place below the demand zone โ $2.05
(Protects from deeper downside if support breaks)
๐ฏ Take Profit (TP) Targets:
TP1 โ $2.29 (๐ฆ 1st Resistance / EMA 70)
๐ธ Partial profit booking here; break-even SL for the rest
TP2 โ $2.40 (๐ฆ 2nd Resistance)
๐ธ Major resistance zone; expect a reaction
TP3 โ $2.63 (๐ด Long-term Target / Previous High)
๐ธ Full target for position holders
๐ Risk/Reward Ratio:
Approximately 1:2.5 to 1:3.5, depending on entry
๐ Extra Notes:
๐ Watch for #bullish engulfing or hammer candle confirmation before entering.
๐ If price fails to reclaim EMA 70, re-evaluate trade.
๐ง Manage position size properly โ avoid over-leverage.
๐ฎ 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.
๐ก Strategy Tagline:
"Buy the bounce, trail the breakout, ride the reversal!" ๐๐๐น
support my idea and comment down your thoughts thanks .
