XRPUSDT: Strong volatility in the price box!
2024-10-11

XRPUSDT is trading in a clear consolidation zone, as shown by the price box (range) marked on the chart from $0.5200 to $0.5520. Previously, the price had a sharp decline after failing to sustain the upside momentum above $0.6100. Strong selling pressure pushed the price to break the rising trendline, causing the market to fall into a correction.

Currently, we are seeing a somewhat choppy price action in this zone, with two main scenarios possible.

Scenario 1: Break the resistance and rise to $0.5836

If the price breaks the resistance at $0.5520, a strong rally is likely, with the first target being the $0.5836 area. This is an important technical resistance that the market needs to conquer if it wants to continue the long-term uptrend.

Scenario 2: Breaks support and falls further towards $0.4800

On the contrary, if the price breaks below the $0.5200 support zone, we will have a sharp decline with a potential target at $0.4800. This will be a deeper decline, as selling pressure continues to dominate the market.