XRP/USDT Technical Analysis – 4H Chart
2025-01-28
Category: None

Overview:
The chart represents the XRP/USDT trading pair on a 4-hour timeframe from Binance. The price is currently around $3.102, showing consolidation after a previous sharp movement.

Key Observations:
Descending Channel Breakout:

The price was previously moving in a descending channel but has broken out aggressively to the upside before facing rejection.
Support and Resistance Zones:

Support: The price bounced off from a strong demand zone around $2.80 - $2.85.
Resistance: The key resistance level is at $3.10 - $3.15, followed by a major target at $3.40 - $3.41 (highlighted in yellow).
Possible Scenarios:

The price is forming a small consolidation pattern near the breakout zone.
A retest of the breakout level near $2.90 - $2.95 (highlighted box) before a bullish continuation is likely.
A confirmed breakout above $3.15 could push the price toward $3.40.
Bullish Setup:

The chart suggests a bullish bias, with a possible pullback to retest support before an upward move.
The expected target price after confirmation would be $3.40.
Trade Strategy:
Entry: Consider entering long positions if the price retests $2.90 - $2.95 and shows bullish confirmations.
Stop Loss: Below $2.80 to minimize risk.
Take Profit: Primary target at $3.40.
Conclusion:
XRP is in a bullish trend after breaking out of the descending channel. A pullback and retest of support could offer a strong buying opportunity, with a potential upside toward $3.40. Keep an eye on $3.15 resistance for confirmation of a breakout.