Technical Analysis
2-Day Chart (Left Panel):
XRP has completed a W-formation (double bottom) as of 11/27/2024, signaling a strong bullish reversal pattern.
The price has successfully broken above the 0.618 Fibonacci retracement level at $1.49548, a critical resistance level now turning into support.
The next major target is the previous high at $1.63339, where significant resistance may emerge.
10-Hour Chart (Right Panel):
Price action shows a new intraday high being formed as XRP maintains momentum above the 0.786 Fibonacci level at $1.55612.
The structure is supported by strong volume and consistent bullish candles, indicating continued buying interest.
A minor pullback to retest the 0.618 Fibonacci level at $1.49548 is possible before continuation to higher levels.
Market Behavior
XRP's price movement aligns with its bullish market cycle, respecting key Fibonacci levels and liquidity zones.
The completion of the W-formation provides a solid foundation for further upward movement, making $1.63 a critical short-term target.
Outlook
If XRP sustains momentum above $1.55612, the likelihood of retesting and potentially breaking $1.63 increases significantly.
However, a retest of lower support levels, particularly $1.49548 or $1.45289, should not be ruled out before continuation.
This market structure reaffirms the broader bullish sentiment for XRP as it continues its upward trend.
2-Day Chart (Left Panel):
XRP has completed a W-formation (double bottom) as of 11/27/2024, signaling a strong bullish reversal pattern.
The price has successfully broken above the 0.618 Fibonacci retracement level at $1.49548, a critical resistance level now turning into support.
The next major target is the previous high at $1.63339, where significant resistance may emerge.
10-Hour Chart (Right Panel):
Price action shows a new intraday high being formed as XRP maintains momentum above the 0.786 Fibonacci level at $1.55612.
The structure is supported by strong volume and consistent bullish candles, indicating continued buying interest.
A minor pullback to retest the 0.618 Fibonacci level at $1.49548 is possible before continuation to higher levels.
Market Behavior
XRP's price movement aligns with its bullish market cycle, respecting key Fibonacci levels and liquidity zones.
The completion of the W-formation provides a solid foundation for further upward movement, making $1.63 a critical short-term target.
Outlook
If XRP sustains momentum above $1.55612, the likelihood of retesting and potentially breaking $1.63 increases significantly.
However, a retest of lower support levels, particularly $1.49548 or $1.45289, should not be ruled out before continuation.
This market structure reaffirms the broader bullish sentiment for XRP as it continues its upward trend.
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