XRP/USDT Technical Analysis



1. General Appearance:


• A long-term period of contraction and consolidation is observed on a large scale in the chart.


• The two previous significant upward waves occurred with the breakout of similar triangle formations.


• The current price structure points to a similar triangle formation breaking out and a potential major rally.



2. Target and Price Levels:


• Target One: Around $3.00, a resistance level near the previous high.


• Second Target: $6.50 level, potential upside target.


• If the rise continues, higher targets may be set, but these levels are specific targets according to the current structure.



3. Support and Resistance Levels:


• Support Area: 0.50 – 0.60 USD band, lower trend line of the triangle and horizontal support area.


• Resistance Area: 0.75 – 1.00 USD zone, the first strong resistance after the formation breakout.



4. Indicators:


• Volume Profile: An increase in volume must be observed for the rise to begin. High volume provides confirmation in the formation breakout.


• RSI (Relative Strength Index): Neutral or bullish momentum signs. However, correction is possible if it reaches overbought levels.



5. Formations and Formation Reversals:


• Great Triangle Formation: It appears that the price has been consolidating within the triangle for a long time and if this triangle breaks upwards, a great upward wave may begin.


• Previous Similar Structures: Breakouts of similar formations seen before have resulted in bullish waves.



6. Trend Direction:


• Long-Term Trend: With the completion of the consolidation phase, upward potential is evident.


• Medium Term Trend: Volume-supported breakout is expected.



7. Strategy and Recommendations:


• Buying Strategy: A strong close or formation break above the upper trend line of the triangle may present a buying opportunity.


• Profit Taking: Gradual profit taking can be done at levels of 3.00 USD and 6.50 USD.


• Stop-Loss: It would be logical to set a stop-loss for risk management below the 0.50 USD level, which is the lower trend line of the formation.


• Volume Monitoring: Volume increase should be observed during the breakout. Insufficient volume may weaken the validity of the breakout.



Conclusion:


• XRP is at a critical breakout point. An upward breakout of the triangle formation could initiate a significant bullish wave, as has happened in the past.


• Risk management strategies and gradual position management are important. Support levels should be closely monitored and volume confirmation should be sought for the validity of the formation.