The market structure of $XRP has shifted bearish, transitioning from a higher high at 1.0441 into a series of lower highs and lower lows, with the current price action breaking down through previous localized support zones to test the 0.9941 level.
$XRP

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The current 1-hour candle is a strong bearish marubozu-like candle with very little wick, indicating intense selling pressure, and the volume bars at the bottom confirm that this move down is backed by significant volume relative to the moving average.

My trading plan is to wait for a retracement or a confirmed reversal pattern near the 0.9842 support level, as entering a short here is risky due to oversold conditions, and entering a long immediately is catching a falling knife.

I predict that price will briefly wick down to test the 0.9842 low, likely hitting the liquidity below the recent swing low, before attempting a relief bounce back toward the 1.01 area.

What Trade Plan I Follow and Why❓️

I am following a "wait-and-see" trend-following plan focused on the 15-minute timeframe for entry, because the 1-hour MACD is deeply negative and the momentum is clearly downward, so I want to short a lower high rather than buy a falling market.

When I Start My Trade❓️

I will start my trade only after I see a confirmed bearish rejection candle (like a shooting star or bearish engulfing) forming on the 15-minute chart around the 1.00-1.01 resistance zone, or if price consolidates at 0.9842 without breaking it.

The most prominent pattern is the recent large bearish candle which acts as a strong momentum signal, and looking at the recent swing high, there is a bearish engulfing pattern that initiated this current downtrend.

Which Trade Setup is Better❓️

For this specific chart, a Gartley pattern could potentially form if price completes a D-leg near the 0.9842 support; however, given the strong downtrend, a simple Trend Continuation (Lower High) setup is far superior to trying to catch a harmonic reversal right now.

Bearish Bias. The trend is down, volume is confirming the move, and the MACD is negative; the safest play is to short rallies toward 1.01 or wait for a double-bottom confirmation at 0.9842 before considering any long positions.