$XRP - $3.40???
The XRP/USDT pair is currently consolidating within a downward channel between key levels. The price is near the upper boundary (~$2.42) and is moving in a wedge formation, which could indicate a potential breakout in either direction.
Key Levels:
Fib support levels: $2.24 (0.382), $2.09 (0.5), $1.94 (0.618)
Key resistance: $2.72 (local high)
Scenarios:
Bullish Scenario (upward breakout):
A break above the descending trendline and a hold above $2.42 will signal a continued rally toward $2.70 and potentially higher to $3.40.
Probability: ~60%
Bearish Scenario (downward pullback):
If the price fails to overcome $2.42 and continues moving within the descending channel, a drop to $2.24 or even $2.09 (the 0.5 Fib level) is possible.
Probability: ~40%
Plan of Action:
If you expect an uptrend: consider a gradual entry after a breakout and consolidation above $2.42, with a tight stop loss below that level.
If you anticipate a pullback: place buy orders near $2.24 or $2.09 to take advantage of a potential bounce.
Post Title for Binance:
"XRP at a Crossroads: Preparing for an Explosive Move or a Deep Correction?"