XRP · 1H · DOWNTREND

The dominant structure here is unmistakably bearish — from the mid-May high near 1.55, XRP has printed a consistent series of lower highs and lower lows all the way down to the 1.08 area, a clean multi-week downtrend. The recent bounce off 1.08 into the current 1.17-1.18 zone looks corrective to me, not structural reversal — it's retracing into what was prior support turned resistance, and the broader trend context keeps me leaning short here. The live news context confirms broader crypto weakness with BTC down over 15% in early June, which reinforces the macro drag on XRP. I'm not buying this bounce — I'm watching it as a short entry into the overhead zone.

Price is currently at 1.1745, sitting right inside a resistance cluster around 1.17-1.20 that was support through late May before price broke down hard. This is exactly where I'd expect the corrective bounce to stall and roll over. I'm shorting at market here, targeting a retest of the 1.08 swing low and potentially the 1.02 area below that.

Setup: SHORT

- Entry: 1.1745

- Stop Loss: 1.2050

- Take Profit 1: 1.0800

- Take Profit 2: 1.0200

- Risk/Reward: 3.1:1

- Confidence: MEDIUM