XRPUSDT is testing the demand zone

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XRPUSDT is creating a descending channel pattern on the 4-hour timeframe after facing rejection from the weekly resistance level at 0.54$. This indicates that the market is currently in a bearish trend, with the price making lower highs and lower lows within the channel.

The price is now testing the daily demand zone in the 0.45$ area, which is a critical support level. If the price manages to break below this level, it may indicate further downside potential. However, if the price creates a clear breakout above the 0.48$ area and retests it as a new support level, it may signal a potential bullish reversal.

According to Plancton's rules, a new long position may be considered if the price creates a clear breakout above the 0.48$ area and successfully retests it as new support.

n summary, XRPUSDT is currently in a descending channel pattern on the 4-hour timeframe after facing rejection from the weekly resistance level. The price is testing a critical daily demand zone at the 0.45$ area, and a clear breakout above the 0.48$ area and successful retest as new support may signal a potential bullish reversal.

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ملاحظة

Waiting for the breakout