"Jack's Trading Classroom: XRPUSD Trendline Breakout"

In the previous XRP technical analysis "XRPUSD Ripple continues to weaken," we mentioned that overall, it is more reasonable to operate with a bearish trend. In the short term, there is a high probability of testing the support level at 0.4676. The support and resistance levels can be referenced from the black horizontal line in the chart. Afterward, the price perfectly took profit and rebounded at the support level of 0.4488.

We continue to observe the four-hour candlestick chart of XRPUSD. After the short position profit-taking at 0.4676, the price rebounded at the support level of 0.4488 and quickly surged. Ripple broke through the original resistance trend line, and the current chart reflects this breakthrough.

It is highly likely that we are witnessing a pullback after the trend line breakthrough, and the pullback price is at the Fibonacci sequence 50 level of 0.5481. This Fibonacci support coincides with the original support level of 0.5520, indicating a potential bullish trend in the future.

The upper target can be seen at the Fibonacci sequence 127.2-138.20 of 0.7187-0.7430, and another target at the Fibonacci sequence 150 of 0.7691.

Long positions can set stop-loss orders below the previous low or Fibonacci 38.2 support. Support and resistance levels can be referred to the black horizontal lines in the chart.

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