XRPUSDT - CORRECTION WITHIN BULLISH TREND?Symbol - XRPUSDT
Yesterday evening, XRPUSDT retraced the previous decline but encountered significant resistance, which defines the upper boundary of the descending channel. This may lead to a potential correction. Following a notable upward movement, XRP is now entering a corrective phase, which is occurring within a descending channel or flag pattern. The nature of this pattern suggests a continuation of the prevailing trend, with the broader market trend remaining bullish.
From a technical perspective, a false breakout of resistance and a subsequent correction are plausible, with a potential pullback to the 3000 level before the market begins to develop the momentum for a breakout of the channel’s resistance, thus facilitating further upward movement.
Key support levels: 3000, 2900
Key resistance levels: 3145, 3200
The liquidity zone between 3145 and 3200 may initially prevent the price from breaking higher. In the short term, I anticipate a false breakout followed by a correction to the targets outlined in the chart.
