XRPUSDT: Consolidation and Potential Breakout Setup
2024-11-08

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.