XRPUSD – Bullish Breakout Ahead?Hey traders!
Here's a detailed 4H analysis on XRP/USD that could set the stage for an exciting breakout
Key Highlights:
XRP has been trading inside a descending channel since February respecting both the upper resistance and lower support
Multiple CHoCH (Change of Character) points indicate that bearish momentum has been weakening over time
A key downward trendline has recently been broken showing early signs of a potential bullish reversal
The price is currently retesting the breakout area around the $2.22 level which aligns with previous resistance turned support
If the retest holds we could see a push toward the $2.47 - $2.58 resistance zone
There's a bullish projection drawn showing a potential path toward that range with a short pullback being healthy before continuation
Scenarios to Watch:
Bullish Successful retest and bounce off the $2.22 support could lead to a clean move to $2.48 and possibly $2.58
Bearish: Failure to hold $2.22 may send price back into the range between $2.03 - $2.18.
Final Thoughts:
XRP is showing promising signs of strength If bulls maintain control we could see a significant trend reversal and upside continuation. Keep your eyes on how price reacts at these key levels!
Trade active
Note
breakout the descending-Line
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.