Short on XRP to price range of $1.89 - $1.61
2024-12-08

Daily Chart Analysis

A rejection off a key Fibonacci extension level (1.618) often signals a potential reversal or at least a stalling of the uptrend.

Low Stochastic RSI indicates weak momentum despite the RSI being in the overbought region.
This divergence (high RSI, low Stochastic RSI) shows that the price is elevated but lacks active buying/selling, suggesting a possible pullback or consolidation.

The decreasing Rate of Change (ROC) confirms that momentum is fading. While still positive (indicating upward movement), the decrease shows the trend is losing steam.
Interpretation:

The daily timeframe supports a bearish bias. Momentum is weakening, and price action is rejecting a key resistance level. A pullback or retracement seems likely unless there is an upward spike in momentum (indicated by a rising Stochastic RSI).

