XRP short potentially to $1.57, based on the current market conditions and the TA i have done i would expect XRP to reach this level.
XRP is correlated to BTC however it is slightly more delayed than other alt coins simply because of market cap being much larger so it takes longer for the market to move than others like SOL etc.
If BTC continues to fall in price then this set up would work very well. As you can see the SMA’s on the 4hr have crossed over, we have also had a rejection of these indicators which confirms trend change.
I entered at $2.34 which was the rejection of the SMA’s but also the rejection of the 61.8% fib retracement which is of course the golden ratio.
I would expect some consolidation & rejection around the $1.94 price as this is clearly a major key level so there will be some liquidity around this price which will cause relief and pull backs however if XRP breaks this level i would expect it to reach to $1.57
Again BTC’s movement’s will have a lot of influence on this trade so keeping stops tight and risk to a minimum of 1.5%, still a good potential RR of roughly 6.58