XRPUSDT: Testing Key Support Zone – Breakout or Correction?
2024-10-21

Looking at the XRPUSDT chart, the price is moving within a fairly clear uptrend channel. Currently, the price has just recovered from the important support zone around $0.5440 and is trying to break out. This is a strong support zone, combined with the price maintaining above the EMAs, showing that the uptrend is still intact.

Two scenarios to watch out for:

Continued increase: If the price holds above the $0.5440 support zone and strong buying pressure returns, there is a high chance of another increase, towards the upper resistance zone of the price channel around $0.5650. This will confirm the continuation of the uptrend.

Correction down: If the price fails to hold this support zone and breaks below $0.5440, there is a high chance that the price will return to test lower levels, especially the $0.5350 zone, which will be the next potential support zone.