Instrument: XRPUSDT
Time Frame: 2H
Exchange: Bitget
Trading Type: Swing Trading
Upon analyzing Ripple's 2-hour chart, it is evident that the recent rebound occurred precisely at the confluence of an Order Block and the Fibonacci 0.618 retracement level. This strong rebound has also formed a CHOCH (Change of Character), suggesting that maintaining a bullish perspective is prudent unless a bearish structural shift emerges.
However, before setting up a long position, it is crucial to resolve the overhead resistance levels. A breakout above these key zones followed by a support retest would provide a confirmation for entering a long position.
If entering near the intersection of the trendline and key levels, the ultimate target could align with the PRZ (Potential Reversal Zone) of the 0.618% AB=CD pattern, specifically at the 1.618 Fibonacci extension.