<p style="text-align: justify">XRP has been experiencing a steady downward trend since August, with patterns unfolding clearly on the charts. Crypto Michael (@MichaelXBT), a prominent crypto analyst and one of the early investors in <a href="https://en.coin-turk.com/strive-adds-17-1-million-to-cash-reserves-after-81-5-million-bitcoin-purchase/" rel="noopener noreferrer nofollow">Bitcoin</a>, has been closely observing these developments and acting on them with a strategic approach.</p>
<h2 id="tracking-the-downtrend">Tracking the Downtrend</h2>
<p style="text-align: justify">Michael has focused on XRP’s movement within two descending price channels since August. At the close of that month, the digital asset reached a local high of $1.68 before entering its first descending channel, which contained the price action through the end of September.</p>
<p style="text-align: justify">As September drew to a close, XRP briefly rallied above the channel, touching $1.65. The breakout lost steam quickly, leading XRP into a second descending channel that continues to dictate the market structure today. Since then, XRP has recorded consecutive lower highs and lower lows, sliding from $1.65 to levels around $1.25 by the end of October.</p>
<p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: Descending channel, a technical analysis pattern where the price moves between parallel downward-sloping lines, indicating a bearish trend with lower highs and lower lows.</p>
<h2 id="strategic-trading-moves">Strategic Trading Moves</h2>
<p style="text-align: justify">On October 29, with XRP trading at $1.29, Michael announced that he had opened a short position at $1.30 to hedge his existing long position from $1. He placed his stop loss at $1.35, aiming to manage risk as the price tested the upper boundary of the second descending channel.</p>
<p style="text-align: justify">Two days later, XRP dropped to $1.22, where Michael closed the short and secured a gain of roughly 6%. He kept his original long position open, benefiting from both directions in the volatile market. The broader decline was partly attributed to a hacking incident at Binance, which contributed to market-wide losses during that period.</p>
<blockquote>
 <p>Michael highlighted that his strategy unfolded as intended: “We shorted at $1.30 and closed at $1.22. Now preparing for the next major move.”</p>
</blockquote>
<h2 id="next-levels-to-watch">Next Levels to Watch</h2>
<p style="text-align: justify">On October 31, XRP was trading at $1.2537, staying close to the lower boundary of its descending pattern. Michael’s analysis pointed out two possibilities: if the downtrend continues, XRP could retest support between $1.19 and $1.20. Conversely, a break above the channel’s upper trendline and the resistance level at $1.34 could open the door for a climb toward $1.45 or even $1.47.</p>
<p style="text-align: justify">Michael has identified $1.34 as a crucial threshold for XRP to overcome in order to trigger its next significant rally. His current long position from $1 grants him flexibility and risk control, while his recent use of hedging illustrates a strategy commonly used by professional traders to protect against short-term volatility without exiting long-term positions.</p>
<p style="text-align: justify">Crypto Michael is recognized for his market insights and active sharing of trade setups, often providing educational content and trade ideas to his followers and trading community.</p>
<table style="border:1px solid #f1e4d8;padding:8px">
 <thead>
  <tr>
   <th>Price Target</th>
   <th>Scenario</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>$1.19 – $1.20</td>
   <td>Further decline/support level</td>
  </tr>
  <tr>
   <td>$1.34</td>
   <td>Key resistance to trigger rally</td>
  </tr>
  <tr>
   <td>$1.45 – $1.47</td>
   <td>Breakout/top target if resistance surpassed</td>
  </tr>
 </tbody>
</table>
<blockquote>
 <p>The analyst’s combination of long and short positions underscores how market participants hedge risk while maintaining core exposure to a trend.</p>
</blockquote>
<p>The post <a href="https://en.coin-turk.com/xrp-analyst-closes-short-at-1-22-after-6yuzde-move-eyes-next-targets/" rel="noopener noreferrer nofollow">XRP analyst closes short at $1.22 after 6% move, eyes next targets</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

XRP analyst closes short at $1.22 after 6% move, eyes next targets

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