- XRP has held a major support level at $2.00 for the third time, showcasing significant buying interest in the market.
- A symmetrical triangle pattern is forming, indicating a potential breakout that could push prices toward $2.90 or pull them below $1.90.
- The Relative Strength Index (RSI) and declining trading volume suggest a consolidation phase, but a volume spike may reveal the breakout direction.
XRP has established a crucial demand support zone for the third time recently, which has boosted the hopes of analysts regarding a price breakout. The digital currency which has been able to sustain above key support levels is currently trading at $2.12, implying that it is in a symmetrical triangle formation in the charts.
Some market analysts have pointed out a formation of the symmetrical triangle on the price chart of XRP. The price action has become bounded rather tightly, with a variation of $0.3 in the case of XRP which shows that the specter is in a phase of consolidation between $1.90 and $2.50.
It is clear that prior price increases have been limited by the upper trendline around the level of $2.90. But the lower trendline has provided good support for the price of XRP and the last recent small triangle halted the price from falling below $2.00. Holding towards this zone shows a lot of buying interest and therefore a repeat of such support is expected.
Market Sentiment and Potential Scenarios Ahead
Some technical factors are showing a rather mixed signal. On one side, maintaining an important support level is a bullish signal, on the other side, the RSI is currently at 37.05 suggesting an oversold territory.There has been an overall decrease in trading volume which is definitely expected during consolidation phases but an up surge could predict the direction of the upcoming major move.
Source:Trading View
A breach of the well-defined $2.50 resistance may open the doors for a retest of the prior high close to $2.90 and more gains if bulls step up their activity. In turn, failure to remain above this level risks pulling XRP lower with increased force towards the $1.50 price area.
Market participants are advised to closely monitor the symmetrical triangle’s breakout direction, as it will likely determine the next significant price movement.XRP’s behavior in the days ahead should be decisive in whether it maintains its bullish stance or falls prey to bearish forces
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
