In a previous analysis, we identified a significant ascending triangle pattern on the 4-hour chart for XRP/USDT. This pattern was characterized by higher lows converging towards a horizontal resistance around $0.4403, suggesting a bullish continuation. Recent price action has confirmed this analysis, with XRP breaking above the $0.4403 resistance level.

The next resistance levels to watch are around $0.50 and $0.55. XRP is now positioned for a potential parabolic move higher, leveraging the momentum from the ascending triangle pattern.

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The 4-hour chart for #XRPUSDT displays a significant ascending triangle pattern, characterized by higher lows converging towards a horizontal resistance line around $0.4403. This pattern generally signals a bullish continuation, suggesting potential upward movement if the resistance is breached.

Key Observations:

Ascending Triangle Pattern:
The formation of higher lows indicates increasing buying pressure. The resistance at $0.4403 has been tested multiple times, strengthening its significance

Support and Resistance:
Support: The upward-sloping trendline acts as strong support, currently around $0.4200.Resistance: The key resistance level is at $0.4403. A breakout above this level would confirm a strong bullish move and likely lead to a significant upward trend.

Indicators:
Volume: Increasing volume on upward moves indicates growing interest and confirmation of the pattern.

Simple Moving Average (SMA 200): The price is slightly hovering above the SMA 200, indicating long-term bullish potential.

Opportunity:
The current price action suggests a potential breakout above the $0.4403 resistance. If XRP manages to sustain above this level, we could see a parabolic move higher, leveraging the bullish momentum indicated by the ascending triangle

XRP presents a promising bullish setup with its price action forming an ascending triangle. Traders should watch for a breakout above the key resistance at $0.4403 to capitalize on the upward potential.

Disclaimer
This article is not financial advice. Trading cryptocurrency involves high risk, and decisions should be based on thorough research.

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