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Ripple’s XRP has been navigating a defined range over recent months, marked by consistent rejections and support zones that traders should be paying close attention to. The current weekly chart reveals a consolidation pattern with key levels acting as critical indicators for potential future price movement.Key Technical Insights:Current Trading Range: XRP/USD is trading near $0.589, holding within a rectangular range that spans from approximately $0.497 to $0.665. This range has persisted since mid-2023, showcasing a repeated cycle of buying and selling pressure.Potential Breakout Indicators: A close above the $0.665 level, which aligns with the first “SELL Stop 1” threshold, could pave the way for a rally towards higher resistance levels, notably around $0.742 and $0.852. These points mark historical pivots where significant rejections occurred.Volume Dynamics: The recent uptick in volume hints at growing interest, suggesting that a decisive move could be on the horizon. Traders should monitor if this surge in volume accompanies a break of the current range or signals another false breakout.Downside Risk – Key Supports to Watch: On the downside, the $0.497 mark is highlighted as a critical “SELL Zone” but carries a caution of potential bounce. A weekly close below this level would likely lead to further downward momentum towards the $0.439 “BUY ZONE,” providing a potential entry for long-term positions.Conclusion:Investors and traders should be vigilant as XRP approaches these pivotal levels. The confluence of past trading behavior and heightened volume indicates that the cryptocurrency may soon break out of its months-long consolidation phase. While an upside breakout could propel XRP towards $0.742 and beyond, caution is warranted as reversals within the current range remain possible.
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Any content and materials included in Sahmeto's website and official communication channels are a compilation of personal opinions and analyses and are not binding. They do not constitute any recommendation for buying, selling, entering or exiting the stock market and cryptocurrency market. Also, all news and analyses included in the website and channels are merely republished information from official and unofficial domestic and foreign sources, and it is obvious that users of the said content are responsible for following up and ensuring the authenticity and accuracy of the materials. Therefore, while disclaiming responsibility, it is declared that the responsibility for any decision-making, action, and potential profit and loss in the capital market and cryptocurrency market lies with the trader.