Analyzing the XRP/USD chart on the weekly timeframe reveals a well defined head and shoulders pattern, which typically signals a potential trend reversal. In light of this, it is crucial to identify key support levels where the price might stabilise and potentially reverse back to the upside.
To estimate the potential price movement, I use a measurement from the neckline to the head of the pattern, which in this case suggests a retracement of approximately 50%. This projection points to the $1 level as a significant support zone. However, before reaching this level, the $1.40 support area could provide an interim floor for the price. If $1.40 fails to hold, the next support level would be around $1.10, and if that also breaks, $1 becomes a critical level to watch.
This scenario could present an excellent opportunity for investors to acquire XRP at a relatively low cost, potentially marking one of the last chances to do so before the Moon
To estimate the potential price movement, I use a measurement from the neckline to the head of the pattern, which in this case suggests a retracement of approximately 50%. This projection points to the $1 level as a significant support zone. However, before reaching this level, the $1.40 support area could provide an interim floor for the price. If $1.40 fails to hold, the next support level would be around $1.10, and if that also breaks, $1 becomes a critical level to watch.
This scenario could present an excellent opportunity for investors to acquire XRP at a relatively low cost, potentially marking one of the last chances to do so before the Moon
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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.
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.