XRP / TetherUSLong
XRPUSDT: Consolidation and Potential Breakout Setup
Updated
XRPUSDT is currently trading around 0.5475 USDT, facing downward pressure from a long-term descending trendline. The price has tested this trendline several times, indicating a strong resistance level that has yet to be broken.
A support zone (highlighted in blue) around the 0.5328 level has held strong, suggesting a consolidation phase within this range. If XRP can maintain support and consolidate further, a breakout above the trendline could set the stage for a bullish move, potentially targeting 0.60 USDT or higher.
However, if the price fails to hold the support zone, we may see a pullback to lower levels. Traders should watch for a clear breakout from this descending resistance or a confirmed hold of the support to determine the next move.
A support zone (highlighted in blue) around the 0.5328 level has held strong, suggesting a consolidation phase within this range. If XRP can maintain support and consolidate further, a breakout above the trendline could set the stage for a bullish move, potentially targeting 0.60 USDT or higher.
However, if the price fails to hold the support zone, we may see a pullback to lower levels. Traders should watch for a clear breakout from this descending resistance or a confirmed hold of the support to determine the next move.
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Trade closed: target reached
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