XRP · 1H · DOWNTREND

Price peaked near 1.2900 on June 15–16, rolled over hard, and has been printing lower highs and lower lows ever since — currently sitting at 1.1437, right in the middle of a messy compression zone between 1.1200 support and 1.1600 resistance. The dominant structure from late May through today is bearish: the rally from the June 5 lows at ~1.0800 failed to reclaim prior highs and got violently rejected at 1.2900, confirming sellers are firmly in control. I'm not chasing this mid-range — I'm waiting for price to retest the 1.1600 area, where the breakdown occurred and multiple prior consolidation candles act as overhead supply, before I get short. The broader crypto backdrop adds to my conviction here — Bitcoin is back below $63,000 with the market off 4%, which keeps pressure on altcoins like XRP.

Setup: SHORT (conditional — on bounce to resistance)

- Entry: 1.1600

- Stop Loss: 1.1700

- Take Profit 1: 1.1200

- Take Profit 2: 1.0850

- Risk/Reward: 4:1

- Confidence: MEDIUM