XRP Price Action Update (Friday)
- Chart Overview: We're analyzing the 1-hour chart. The orange lines represent weekly opens over the past few months, which have acted as support levels.
- Support and Resistance: The price has consistently found support at key levels, currently holding around the $2.29 range. It's also above the weekly close target of $2.35-$2.36, aiming for the next target around $2.44.
- Trend Reversal Potential: If the price can hold above the $2.44 level and move toward $2.59, it would indicate a trend reversal on the weekly chart, moving us out of the current downtrend.
- Watch for Retracement: Expect a possible price retracement due to the large value gap. If there's no immediate retracement, it might happen over the weekend before continuing upward.
- Break of Structure: The daily chart has shown a break of structure, which is a positive sign. Keep an eye on the key order block for further confirmation.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.