XRP · 1H · DOWNTREND

XRP has been in a persistent downtrend since the ~1.36 highs in late May, printing a clean sequence of lower highs and lower lows across the entire visible range. The spike to ~1.30 around June 16 was the last meaningful bounce, and it got rejected hard — that's the clearest evidence sellers are in control. Price just sliced through the 1.05–1.06 zone and is currently sitting at 1.0603, with the chart showing a sharp flush to near 1.00 on June 25 followed by a recovery back into the breakdown zone. News context confirms the pressure — XRP is flagging a risk of slipping below $1 amid a broad crypto selloff alongside tumbling tech stocks. My read is this is a dead-cat bounce back into broken support, now acting as resistance, and I'm not buying it.

I'm shorting this bounce. Price just crashed to ~1.00, rebounded into the 1.06–1.08 zone, which was prior support that's now flipped to resistance. I'm entering at market here — the current price IS the resistance retest, and momentum is still bearish. Chasing the setup lower gives me worse R/R, and waiting for another bounce deeper into 1.10+ isn't warranted because the structure doesn't support a recovery of that magnitude. Entry at 1.0603 with a tight stop above the 1.08 zone. First target is the recent wick low around 1.00, second target is the psychological 0.97–0.96 level if sellers continue to press.

Setup: SHORT

- Entry: 1.0603 (market)

- Stop Loss: 1.0850

- Take Profit 1: 1.0050

- Take Profit 2: 0.9700

- Risk/Reward: 2.2:1

- Confidence: MEDIUM