XRP Bullish Setup: Breakout Potential Above $2.00 Resistance
- XRP tests key support, forming a bullish pattern with a potential breakout above $2.00$2.20 resistance.
- A rounded bottom pattern signals possible accumulation for XRP, targeting up to $3.30 on breakout.
- Traders can enter XRP long between $1.70$1.85 with targets at $2.33, $2.81, and $3.31.
Rose Premium Signals pointed out a possible bullish pattern for XRP/USDT. In an X post on Wednesday, an analyst highlighted that XRP is in a descending channel, and the price is close to the support trend line that has been significant in the past. Furthermore, this pattern implies that XRP might be in the accumulation phase before breaking out.
Key Resistance Level Watch
A rounded bottom is drawn inside the channel so that the price can bounce back after the long sell-off movement. One main level to watch is the $2.00 to $2.20 level, which, if broken to the upside, can begin a bullish wave in the token, bringing the price to even higher dizzying heights.
Source: X
This formation looks like an inverted pattern that forms within the descending channels. This support level needs to hold if a bullish reaction is to occur and potentially break out to the topside to clean up the hardest part, the $3.00 level. The current market situation is ideal for traders to enter a long position, especially if the price holds at these crucial levels.
XRP Breakout Potential Targets
Any additional entrance should be defined between $1.70 and $1.85 with a stop loss below $1.60 to minimize the risk. Multiple take-profit levels are possible; the first target is $2.3385, the second target is $2.8160, and the third target is $3.3062. These targets conform to a further bullish run and breakout, thus placing the risk-reward ratio in favor of the longs at a favorable position. As of press time, XRP is trading at $1.81, showing a 4.46% decline over the past day.
Source: TradingView
The technical setup indicates that this is likely to be the case, and, based on this analysis, a breakout to the upside is expected for the token. As long as the price continues to rise past the resistance levels and sustain the trend, the digital asset could enjoy even more gains in the following weeks. Nevertheless, the current market situation implies that it changes, and thus, traders should be more cautious in the event of a reversal or more testing of the support level.
Read more: https://www.tronweekly.com/xrp-bullish-setup-breakout-potential-above-2/
Text source: TronWeekly
