XRP/USDT Potential Reversal Zone — “Bottom Tested, Bullish!📉 Chart Analysis Summary
The divided chart indicates XRP trading between a critical support zone near $3.05–$3.09 and overhead resistance around $3.19–$3.23, forming what could be a bullish pennant or descending wedge setup on the 30-minute timeframe:
Support Zone (~$3.05–$3.09):
Price retested this level multiple times (labeled as “$$$” and “c”), clearly identifying a demand zone.
Ichimoku cloud support lies nearby, adding technical relevance to the floor.
Resistance Trendline & Green Line (~$3.19–$3.23):
A descending trendline is visible, showing lower highs and building compression.
A breakout above this resistance zone is necessary to signal bullish continuation.
Projected Path:
The schematic arrow suggests a bounce off support, followed by consolidation, and then a breakout above resistance, targeting the $3.25–$3.30+ zone and potentially higher.
🔍 Context from Recent Market Commentary
Support Holding Above $3.11–$3.15: Analysts highlight strong support around $3.11–$3.15, where institutional and retail interest appears concentrated
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Resistance & Consolidation at $3.30: While XRP briefly surpassed $3.30, it encountered rejection and remains rangebound. A confirmed break beyond this level could validate the bullish carry-forward
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Wave-Elliott Bull Case: Various Elliott Wave scenarios forecast targets as high as $5.25, $6.85, or even $10–$15 should Wave 5 materialize, though this depends on market strength and momentum
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✅ Trading Outlook
Bullish Scenario:
Bounce off $3.05–$3.15 support.
Break above $3.23–$3.30 resistance.
Potential upside targets:
Near term: $3.30–$3.40.
Medium term: $4.64 or $5–$6, with strong case for $6.85 if momentum and on-chain demand strengthen
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Bearish Scenario:
Failure to hold $3.05–$3.11 risk retest toward $2.95 or lower zones ($2.30–$2.70)
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🧭 What to Watch
Key Level Role
$3.05–$3.11 Critical support/demand zone
$3.19–$3.23 Short‑term resistance/framing compression
~$3.30+ Confirm bullish breakout — key trigger for Wave 5 and higher targets
🧠 Overall Take
This chart is painting a classic consolidation near strong support with a visible descending upper boundary. If XRP holds the ~$3.05 zone and breaks above $3.23–$3.30 with conviction, it could initiate a bull move toward $3.40–$4.00, and potentially even $5–$6+ depending on volume and momentum.
However, breaks below $3.11 may open deeper downside risk. For many traders, this is a simple risk-reward setup: entry near the lower channel with a stop under $3.05 and initial profit targets at $3.30–$3.40.
