Technical Analysis
2-Day Chart (Left Panel):
XRP has completed a W-formation (double bottom) as of 11/27/2024, signaling a strong bullish reversal pattern.
The price has successfully broken above the 0.618 Fibonacci retracement level at $1.49548, a critical resistance level now turning into support.
The next major target is the previous high at $1.63339, where significant resistance may emerge.
10-Hour Chart (Right Panel):
Price action shows a new intraday high being formed as XRP maintains momentum above the 0.786 Fibonacci level at $1.55612.
The structure is supported by strong volume and consistent bullish candles, indicating continued buying interest.
A minor pullback to retest the 0.618 Fibonacci level at $1.49548 is possible before continuation to higher levels.
Market Behavior
XRP's price movement aligns with its bullish market cycle, respecting key Fibonacci levels and liquidity zones.
The completion of the W-formation provides a solid foundation for further upward movement, making $1.63 a critical short-term target.
Outlook
If XRP sustains momentum above $1.55612, the likelihood of retesting and potentially breaking $1.63 increases significantly.
However, a retest of lower support levels, particularly $1.49548 or $1.45289, should not be ruled out before continuation.
This market structure reaffirms the broader bullish sentiment for XRP as it continues its upward trend.
2-Day Chart (Left Panel):
XRP has completed a W-formation (double bottom) as of 11/27/2024, signaling a strong bullish reversal pattern.
The price has successfully broken above the 0.618 Fibonacci retracement level at $1.49548, a critical resistance level now turning into support.
The next major target is the previous high at $1.63339, where significant resistance may emerge.
10-Hour Chart (Right Panel):
Price action shows a new intraday high being formed as XRP maintains momentum above the 0.786 Fibonacci level at $1.55612.
The structure is supported by strong volume and consistent bullish candles, indicating continued buying interest.
A minor pullback to retest the 0.618 Fibonacci level at $1.49548 is possible before continuation to higher levels.
Market Behavior
XRP's price movement aligns with its bullish market cycle, respecting key Fibonacci levels and liquidity zones.
The completion of the W-formation provides a solid foundation for further upward movement, making $1.63 a critical short-term target.
Outlook
If XRP sustains momentum above $1.55612, the likelihood of retesting and potentially breaking $1.63 increases significantly.
However, a retest of lower support levels, particularly $1.49548 or $1.45289, should not be ruled out before continuation.
This market structure reaffirms the broader bullish sentiment for XRP as it continues its upward trend.
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.
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.