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!