XRP · 1H · DOWNTREND

The November 5th short setup completed its full run — Target 1 at 1.2800 and Target 2 at 1.2400 both reached, and price has continued lower to 1.1714 without ever giving the 1.3400–1.3500 entry zone a touch. Both targets from that read are done, the move has been extensive, and I'm treating that read as a completed short, not a continuation. The question now is what this structure looks like fresh from here: price is in a confirmed daily downtrend, sitting near the lowest levels visible on this chart, with no sign of a base forming — just a sharp, sustained grind lower from 1.3400 through 1.1500s. I'm not chasing this short from the current level. The move from 1.3400 to 1.1700 is roughly 150 pips; fading the low without structure is exactly the kind of trade the record punishes. I'm watching for one of two things — either a relief rally back into supply that gives me a fresh short entry with structure behind it, or a clear flush and reversal base that proves buyers are defending something. Neither exists yet.

The liquidation map tells me the density below sits at 1.1600 and 1.1200 — the 1.1600 cluster was reached at 1.1519 on the low. A sweep below 1.1600 targeting 1.1200 is a live structural threat, and longs paying shorts at 0.0100% per 8h means the crowded side is long — that makes a continuation squeeze lower the path of least resistance. I'm not long into that. But I'm also not shorting at the lows with a 150-pip move already behind me and no fresh entry.