XRPUSDT

Through analyzing the weekly timeframe for the XRP/USDT pair based on the attached image, we can conclude the following using technical analysis tools:

1. Moving Averages:

MA(7) = 2.1617 (yellow line): Short-term average.

MA(25) = 2.1781 (pink line): Medium-term average.

MA(99) = 0.9688 (purple line): Long-term average.

We note that the current price (around 2.08) is below MA(7) and MA(25), indicating selling pressure and a decline in momentum in the short and medium term. However, the price is still well above MA(99), indicating that the overall trend remains bullish in the long term.

2. Candles and Recent Movements: There are consecutive bearish candles after the price reached a peak at 3.4000, indicating the beginning of a clear correction.

The last candle shows a long lower wick, which may indicate a potential bounce or support at current levels (around 2.08).

3. Support and Resistance:

Nearest support level: at 2.00 – 2.08 (which the price is currently bouncing off).

Nearest resistance level: around 2.26 (at the intersection of MA(7)), then 2.84 (the price at which a sell order was placed).

4. Trading Volume and Momentum:

From the candle movements, it seems there is a decline in momentum, and reversal signals should be monitored closely.

Expected upcoming trend: If the price stabilizes above the 2.00–2.08 level and strong support emerges, there is a possibility of a bounce towards 2.26 then 2.84. However, if it breaks below the 2.00 level, it may target 1.60 then 0.98 (MA 99).