XRP Analyst Closes 6% Short Gain as Key Levels Approach
XRP analyst Crypto Michael says he closed a short position at $1.22 for a gain of about 6%, after opening it near $1.30 on October 29 to hedge a long position entered at $1. The long position remains open.
Since its September peak near $1.65, XRP has traded in a descending channel and was around $1.25 on October 31. The chart points to possible support at $1.19–$1.20 if the decline continues. A break above channel resistance near $1.34 could put $1.45–$1.47 in focus. These are technical scenarios, not confirmed targets.
The setup suggests short-term pressure on XRP, while the hedge lets the analyst retain longer-term exposure. The reports also linked market-wide losses during the period to a Binance hacking incident.
Bearish
The near-term read for XRP is bearish: it has fallen from around $1.65 and remains in a descending channel, with $1.19–$1.20 identified as possible support if selling continues. The analyst’s short trade also reflects a defensive response to that weakness. A break above resistance near $1.34 could improve momentum and bring $1.45–$1.47 into view, but this remains a technical possibility rather than a confirmed reversal. In the short term, traders may watch channel resistance and support for breakout or breakdown signals, while the reported market-wide sell-off adds context but does not establish a lasting direction for XRP. Over the longer term, the analyst’s decision to keep the $1 long position indicates continued exposure, but the summaries provide no evidence that the downtrend has ended.