XRP Looks Bullish — But I’m Taking the Short SideXRP / US DollarCOINBASE:XRPUSDkeyvankhoWHY I AM BEARISH Although the current formation has been identified as a Bullish Pennant, I am not trading the pattern label alone. Since the $1.70 high, XRP has continued to produce lower highs while repeatedly returning to the important $1.36 support area. For me, this shows increasing pressure on support rather than strong bullish continuation. The rebounds from $1.36 are becoming weaker, price remains below descending resistance, and my Swing Signals & Market Structure indicator has an active SELL signal. WHY I AM IGNORING THE BULLISH PENNANT FOR NOW A bullish pennant is only a potential continuation pattern until price actually breaks upward. The pattern itself is not confirmation. I would need to see XRP break the descending resistance and reclaim approximately $1.47–$1.48 before I would trust the bullish interpretation. Until that happens, I believe the lower-high structure and repeated testing of $1.36 carry more weight. MY SETUP Bias: SHORT Key breakdown level: $1.36 A confirmed 4H break below $1.36 would strengthen my bearish view considerably. First major target: $1.25–$1.26 Extended target: $1.06 Stop Loss: Approximately $1.49–$1.50 A strong 4H close above $1.47–$1.48 would tell me that the short setup is probably wrong. The wider structural invalidation from my indicator is $1.5756. My expectation is that XRP breaks the $1.36 support before it successfully breaks the bullish pennant to the upside. Of course, this is only my interpretation of the current structure. Please let me know what you think — do you see a bearish breakdown coming, or do you believe the bullish pennant will eventually win? I appreciate any feedback or alternative views. Not financial advice.