XRP price is at the moment moving through a correctional pattern with the next support level at $2.18.
The technical analysts have outlined some trends such as a symmetrical triangle. This may indicate a break out or a further decline of the current trend.
XRP Price is Moving Towards $2.18 During the Corrective Wave
Following analyst charts, XRP is trading at $2.2544 close to $2.18 level. It has been suggested as the target for subwave three.
This cryptocurrency has been tracing out an Elliott Wave pattern of correction, specifically within wave E of the structure.
Experts cited that the price of XRP fell below the $2.30 midpoint. It has led to more pressure towards the next important level.
Therefore, the $2.18 level is important as it is a Fibonacci retracement level. It is also as a prior support zone for the currency.
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If this level is attained then according to the analysts the third subwave will be completed.
This movement has been observed as part of a larger corrective pattern. It may well determine XRP’s price action in the next few days.
Bounce to $2.28 and Further Decline Expected
After reaching the level of $2.18, a temporary increase to the level of $2.28 is expected. This bounce is an aspect of subwave four of the ongoing corrective wave E.
However, this should be only temporary as the major trend remains on the downside until wave E ends.
The next anticipated impulse is the last one of the corrective structure, subwave 5, which aims at the levels around $2.08 – $2.04.
These lower levels are also backed by trend lines visible in the corrective structure. Specialists are convinced that this stage may signal the end of the correction and the beginning of a new price dynamic.
Symmetrical Triangle Predicts XRP Price Breakout
On the daily chart, the price of XRP is contained within a symmetrical triangle.
This pattern shows the trendlines moving towards each other with lower high and higher low which suggest a low volatility zone.
Traders are paying keen interest to the price fluctuations within this pattern to anticipate the direction of the price breakout.
The Relative Strength Index gives neutral signals at the 52.63 level, suggesting that both buyers and sellers are actively involved in the market.
Market Awaits Directional Clarity
Investors and analysts are paying attention to the key levels of $2.18 and $2.35 to see which level the price will break through next.
If XRP moves past the upper boundary of the triangle, it could mean that bulls are back in the game with price targets of up to $3.50.
On the other hand if it breaks down below the lower boundary, then a deeper correction could occur with the next major support area at $1.50.
As XRP price gets close to these critical points, the market is still undecided but positive about the potential of future gains.
However the following days should give more insights as the corrective wave unfolds and XRP approaches the next trend.
