XRPUSDT short 
2024-12-03

Based on the chart provided, XRP/USDT has completed a significant upward wave structure, testing the resistance zone near $2.9. This level appears to align with the final wave of the current uptrend, forming a major resistance point. A corrective move is anticipated, with the following potential scenario:

Resistance at $2.9: XRP has hit this critical resistance level, failing to break higher, signaling a potential reversal. This level likely represents the exhaustion of the bullish momentum.

Corrective Waves (A-B):

The initial corrective wave (A) is expected to lead XRP toward lower support levels, potentially testing $1.0.
A temporary retracement or consolidation may occur, forming wave (B), followed by another impulsive drop.
Target at $0.5:

The final downward wave could bring XRP to the $0.5 region, representing a heavy crash and completion of the corrective cycle.
This level aligns with historical support and Fibonacci retracement zones from previous major moves.
Market Sentiment:

The heavy rejection at $2.9 indicates that selling pressure dominates, likely leading to a bearish trend in the short-to-mid term.