Chart Description: On the $XRP chart on the monthly timeframe (1M), there is a strong indication of bullish potential supported by a stable price structure in the critical support area. The pattern that is seen resembles a harmonic formation with the potential for movement towards the main resistance level around $3.4458. If this pattern is confirmed, a price increase of more than 1,140% can occur, making this a strategic opportunity for the long term.
Analysis Details:
1. Important Support and Resistance Levels:
Main Support (Ideal Entry):
$0.4116 as a crucial support level that is the basis for price increases.
Extreme Support (Stop Loss):
$0.0856 as the lower validation area (cut loss). If the price breaks below this level, the bullish trend becomes invalid.
Resistance Target:
$3.4458 is a long-term target, as well as a significant psychological level for taking profit.
2. Technical Pattern:
This pattern shows the potential for the formation of a bullish harmonic pattern supported by the previous price decline which ended with a sharp reversal.
There is a double bottom indicating the strengthening of the uptrend.
3. Trend and Forecast of Movement:
The current trend is still maintained in a long-term bullish channel.
If strong momentum continues, XRP has the opportunity to break through resistance above $3.4458, opening up opportunities to higher levels.
4. Trading Scenario:
Entry Position:
Enter in the area around $0.4116 (main support).
Stop Loss:
Place below $0.0856 to minimize risk if the trend turns bearish.
Profit Target:
The main target is at $3.4458 with a potential increase of up to 1,140%.
5. Risks and Considerations:
Trading Volume: Make sure the volume supports the bullish movement to avoid false breakouts.
Market Sentiment: Pay attention to macroeconomic developments and the latest news related to XRP, such as legal decisions or institutional adoption.
Risk Management: Do not use more than 5-10% of the portfolio for this position.
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