XRP short
2025-01-11
Category: None

XRP has been consolidating above a long term channel for some weeks now, however the value remains over valued and we still anticipate XRP's return into the channel price range. 

As of right now, XRP is at the upper limit of the consolidation range, which provides us with a short entry where we can place a minimal loss stop. 

As you can see, we have numerous lower highs and lower lows forming. This price action has also given us a clear descending trend line of resistance, at which price is currently testing.

While we do believe we will see XRP return within the long term channel price range, with price eventually falling well below the $1.9 mark, for now, we would advise taking profits, or some profits once we get a retest on the $2 level.

The set up above gives us a 1:3.64 Risk to Reward, and a 14.89% profit