XRPUSDT Weekly Chart Analysis | Major Resistance Levels Align for Next Bullish Move
๐ Letโs break down the XRP/USDT weekly setup, highlighting key technical signals and major upside targets for the next rally.
โณ Weekly Overview
The weekly chart shows consolidation just below a major resistance, with price action tightening and preparing for a breakout. A recent correction found support near the 0.382 Fibonacci retracement level, which has acted as a springboard for renewed momentum. Notably, the R2 pivot point level aligns closely with this area, strengthening its importance as a decision zone for bulls.
๐บ Upside Targets & Confluences:
- First Target: $4.63 โ This coincides with the R2 monthly pivot point and aligns with key Fibonacci extension targets, offering strong confluence for a reaction zone.
- Second Target: $5.90 โ Our most realistic medium-term target, also backed by cluster resistance from both pivot analysis and fib projections.
- Final Target: $7.80 โ This is the major Fibonacci extension level, marking the highest projected upside if momentum persists.
๐ Key Technical Highlights:
- Pivot Point R2 & Fibonacci Confluence: The R2 level reinforces a critical resistance, overlapping with the $4.63 Fibonacci target.
- Fibonacci Retracement: Price respected the 0.382 retracement during the latest correction, signaling healthy trend continuation.
- Volume Confirmation: An uptick in volume confirms that buyers are stepping in, supporting the bullish momentum.
- RSI Signal: RSI is entering the overbought zone, which typically indicates a strong surge in buying pressure and can mark the start of a momentum move.
๐จ Conclusion:
XRP is setting up for a major breakout as key technical levels align. Watch for a sustained move above $4.63 to unlock the $5.90 area, with a final potential push towards $7.80 if bulls maintain control. Volume expansion and an overheated RSI are both classic signs of an incoming momentum waveโkeep your eyes on these levels for validation of the setup.
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