Ripple, known as XRP, is in a short term down trend on H4. Given it has broken the previous support level, market has retested the resistance and is forming the pinbar or engulfing price action at the price of 0.3900. 

Market has the potential to drop towards the 0.3700 support level. This level will be our profit target for the market to drop at.

Market is in a descending channel and might retest the lower band of the trendling at the support level. At retesting the lower trendline, the rejection might take the market upwards towards the resistance level. We will mark the lower trendline as the profit target.

The retracement level of 50% is in confluence with the resistance level. This confluence can be held as a strong foothold for the market.

EMA 50 is still bearish and is curved steeply towards the downwards side. This indicated the strong bearish pressure. We do not see the EMA 50 being retested at the resistance level.

RSI is at 30. This needs to be neutralized at the 50 level in order for the market to align with other technical factors and parameters.

Intraday setup on ripple shorts

Feb 12 2023

Stop Loss -2.42%

Holding time 8hr

0.38691

Entry price

0.39628

Stop loss price